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Texas Business Organizations Code - Section 101.156. Requirements To Enforce Conditional Obligation

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 101.156. Requirements To Enforce Conditional Obligation

§ 101.156. REQUIREMENTS TO ENFORCE CONDITIONAL 
OBLIGATION.  (a) An obligation of a member of a limited liability 
company that is subject to a condition may be enforced by the 
company or a creditor described by Section 101.155 only if the 
condition is satisfied or waived by or with respect to the member.
	(b)  A conditional obligation of a member of a limited 
liability company under this section includes a contribution 
payable on a discretionary call of the limited liability company 
before the time the call occurs.

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

Last modified: August 11, 2007