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Texas Business Organizations Code

§ 153.253 — RIGHTS OF ASSIGNEE

BO § 153.253Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. F. PARTNERSHIP INTEREST

Statute text

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(a)An assignee of a partnership interest, including the partnership interest of a general partner, may become a limited partner if and to the extent that:
(1)the partnership agreement provides; or
(2)all partners consent.
(b)An assignee who becomes a limited partner, to the extent of the rights and powers assigned, has the rights and powers and is subject to the restrictions and liabilities of a limited partner under a partnership agreement and this code.

Legislative history

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

Source: Texas Business Organizations Code § 153.253 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.