Texas Business Organizations Code

§ 152.609 — ACTION TO DETERMINE TERMS OF REDEMPTION

BO § 152.609Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST

(a)A withdrawn partner or the partnership may maintain an action against the other party under Section 152.211 to determine:

(1)the terms of redemption of that partner's interest, including a contribution obligation or setoff under Section 152.603 or 152.604; or

(2)other terms of the redemption obligations of either party.

(b)The action must be commenced not later than the first anniversary of the later of:

(1)the date of delivery of information required by Section 152.607(c); or

(2)the date written notice is given under Section 152.607(d).

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Legislative history

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