Texas Business Organizations Code
§ 153.251 — ASSIGNMENT OF PARTNERSHIP INTEREST
BO § 153.251Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. F. PARTNERSHIP INTEREST
Statute text
View on source(a)Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.
(b)Except as otherwise provided by the partnership agreement, an assignment of a partnership interest:
(1)does not require the winding up of a limited partnership;
(2)does not entitle the assignee to become, or to exercise rights or powers of, a partner; and
(3)entitles the assignee to be allocated income, gain, loss, deduction, credit, or similar items and to receive distributions to which the assignor was entitled to the extent those items are assigned. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:
Legislative history
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 124, eff. September 1, 2007.