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Texas Business Organizations Code

§ 153.205 — REQUIREMENTS TO ENFORCE CONDITIONAL OBLIGATION

BO § 153.205Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. E. FINANCES

Statute text

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(a)An obligation of a limited partner of a limited partnership that is subject to a condition may be enforced by the partnership creditor described by Section 153.204 only if the condition is satisfied or waived by or with respect to the limited partner.
(b)A conditional obligation of a limited partner of a limited partnership includes a contribution payable on a discretionary call of the limited partnership before the time the call occurs.

Legislative history

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

Source: Texas Business Organizations Code § 153.205 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.