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Texas Business Organizations Code

§ 101.155 — CREDITOR'S RIGHT TO ENFORCE CERTAIN OBLIGATIONS

BO § 101.155Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. D. CONTRIBUTIONS

Statute text

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A creditor of a limited liability company who extends credit or otherwise acts in reasonable reliance on an enforceable obligation of a member of the company that is released or settled as provided by Section 101.154 may enforce the original obligation if the obligation is stated in a document that is:
(1)signed by the member; and
(2)not amended or canceled to evidence the release or settlement of the obligation.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 101.155 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.