Texas Estates Code

§ 1151.154 — ADMINISTRATION OF PARTNERSHIP INTEREST

ES § 1151.154Title 3. GUARDIANSHIP AND RELATED PROCEDURES · Part E. ADMINISTRATION OF GUARDIANSHIP · Ch. 1151. RIGHTS, POWERS, AND DUTIES UNDER GUARDIANSHIP · Art. D. POSSESSION AND CARE OF WARD'S PROPERTY BY GUARDIAN OF THE ESTATE

Statute text

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(a)This section applies only to a general partnership governed by a partnership agreement or articles of partnership that provide that, on the incapacity of a partner, the guardian of the estate of the partner is entitled to the place of the incapacitated partner in the partnership.

(b)If a ward was a partner in a general partnership, the guardian who contracts to come into the partnership is, to the extent allowed by law, liable to a third person only to the extent of:

(1)the incapacitated partner's capital in the partnership; and

(2)the assets of the incapacitated partner's estate that are held by the guardian.

(c)This section does not exonerate a guardian from liability for the guardian's negligence.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.