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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A partner's partnership interest is personal property for all purposes.
(b) A partner's partnership interest may be community property under applicable law.
(c) A partner is not a co-owner of partnership property.
(d) Sections 9.406 and 9.408, Business & Commerce Code, do not apply to a partnership interest in a partnership, including the rights, powers, and interests arising under the governing documents of the partnership or under this code. To the extent of any conflict between this subsection and Section 9.406 or 9.408, Business & Commerce Code, this subsection controls. It is the express intent of this subsection to permit the enforcement, as a contract among the partners of a partnership, of any provision of a partnership agreement that would otherwise be ineffective under Section 9.406 or 9.408, Business & Commerce Code.
Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 154.001. Nature of Partner's Partnership Interest - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-154-001/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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