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Texas Business Organizations Code

§ 152.706 — DISPOSITION OF ASSETS

BO § 152.706Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. I. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

Statute text

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(a)In winding up the partnership business, the property of the partnership, including any required contributions of the partners under Sections 152.707 and 152.708, shall be applied to discharge its obligations to creditors, including partners who are creditors other than in the partners' capacities as partners.
(b)A surplus shall be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under Section 152.707.

Legislative history

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

Source: Texas Business Organizations Code § 152.706 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.