Texas Estates Code

§ 351.104 — ADMINISTRATION OF PARTNERSHIP INTEREST

ES § 351.104Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part H. CONTINUATION OF ADMINISTRATION · Ch. 351. POWERS AND DUTIES OF PERSONAL REPRESENTATIVES IN GENERAL · Art. C. POSSESSION AND CARE OF ESTATE PROPERTY

Statute text

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(a)If a decedent was a partner in a general partnership and the partnership agreement or articles of partnership provide that, on the death of a partner, the partner's personal representative is entitled to that partner's place in the partnership, a personal representative accordingly contracting to enter the partnership under the partnership agreement or articles of partnership is, to the extent allowed by law, liable to a third person only to the extent of:

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

(2)the estate's assets held by the representative.

(b)This section does not exonerate a personal representative from liability for the representative's negligence.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.