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Texas Business Organizations Code - Section 101.155. Creditor's Right To Enforce Certain Obligations

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.155. Creditor's Right To Enforce Certain Obligations

§ 101.155. CREDITOR'S RIGHT TO ENFORCE CERTAIN 
OBLIGATIONS.  A creditor of a limited liability company who extends 
credit or otherwise acts in reasonable reliance on an enforceable 
obligation of a member of the company that is released or settled as 
provided by Section 101.154 may enforce the original obligation if 
the obligation is stated in a document that is:
		(1)  signed by the member;  and                                               
		(2)  not amended or canceled to evidence the release or 
settlement of the obligation.

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

Last modified: August 11, 2007