Texas Business Organizations Code
§ 153.254 — LIABILITY OF ASSIGNEE
BO § 153.254Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. F. PARTNERSHIP INTEREST
Statute text
View on source(a)Until an assignee of the partnership interest in a limited partnership becomes a partner, the assignee does not have liability as a partner solely as a result of the assignment.
(b)Unless otherwise provided by a written partnership agreement, an assignee who becomes a limited partner:
(1)is liable for the obligations of the assignor to make contributions as provided by Sections 153.202-153.204;
(2)is not obligated for liabilities unknown to the assignee at the time the assignee became a limited partner and that could not be ascertained from a written partnership agreement; and
(3)is not liable for the obligations of the assignor under Sections 153. 105, 153.112, and 153.162.
Legislative history
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.