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Texas Business Organizations Code - BUS ORG § 153.254. Liability of Assignee

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Until an assignee of the partnership interest in a limited partnership becomes a partner, the assignee does not have liability as a partner solely as a result of the assignment.

(b) Unless otherwise provided by a written partnership agreement, an assignee who becomes a limited partner:

(1) is liable for the obligations of the assignor to make contributions as provided by Sections 153.202-153.204;

(2) is not obligated for liabilities unknown to the assignee at the time the assignee became a limited partner and that could not be ascertained from a written partnership agreement; and

(3) is not liable for the obligations of the assignor under Sections 153.105, 153.112, and 153.162.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 153.254. Liability of Assignee - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-153-254/

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