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Texas Business Organizations Code

§ 152.702 — PERSONS ELIGIBLE TO WIND UP PARTNERSHIP BUSINESS

BO § 152.702Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. I. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

Statute text

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(a)After the occurrence of an event requiring a winding up of a partnership business, the partnership business may be wound up by:
(1)the partners who have not withdrawn;
(2)the legal representative of the last surviving partner; or
(3)a person appointed by the court to carry out the winding up under Subsection (b).
(b)On application of a partner, a partner's legal representative or transferee, or a withdrawn partner whose interest is not redeemed under Section 152.608, a court, for good cause, may appoint a person to carry out the winding up and may make an order, direction, or inquiry that the circumstances require.

Legislative history

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

Source: Texas Business Organizations Code § 152.702 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.