Texas Business Organizations Code
§ 152.406 — EFFECT OF DEATH OR DIVORCE ON PARTNERSHIP INTEREST
BO § 152.406Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. F. TRANSFER OF PARTNERSHIP INTERESTS
Statute text
View on source(a)For purposes of this code:
(1)on the divorce of a partner, the partner's spouse, to the extent of the spouse's partnership interest, if any, is a transferee of the partnership interest;
(2)on the death of a partner:
(A)if the partnership interest of the deceased partner is subject to redemption under Subchapter H, the partner's surviving spouse, if any, and an heir, devisee, personal representative, or other successor of the partner, to the extent of their respective right to the redemption price, are creditors of the partnership until the redemption price is paid; or
(B)if the partnership interest of the deceased partner is not subject to redemption under Subchapter H, the partner's surviving spouse, if any, and an heir, devisee, personal representative, or other successor of the partner, to the extent of their respective partnership interest, are transferees of the partnership interest; and
(3)on the death of a partner's spouse, an heir, devisee, personal representative, or other successor of the spouse, other than the partner, to the extent of their respective partnership interest, if any, is a transferee of the partnership interest.
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 44, eff. September 1, 2011.