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Texas Business Organizations Code

§ 153.112 — RECEIPT OF WRONGFUL DISTRIBUTION

BO § 153.112Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. C. LIMITED PARTNERS

Statute text

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A limited partner who receives a distribution that is not permitted under Section 153.210 is not required to return the distribution unless the limited partner knew that the distribution violated the prohibition of Section 153.210. This section does not affect an obligation of the limited partner under the partnership agreement, another agreement, or other applicable law to return the distribution. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 56, eff. September 1, 2023.

Source: Texas Business Organizations Code § 153.112 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.