Texas Business Organizations Code - Section 152.205. Partner's Duty Of Loyalty
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.205. Partner's Duty Of Loyalty
§ 152.205. PARTNER'S DUTY OF LOYALTY. A partner's duty of
loyalty includes:
(1) accounting to and holding for the partnership
property, profit, or benefit derived by the partner:
(A) in the conduct and winding up of the
partnership business; or
(B) from use by the partner of partnership
property;
(2) refraining from dealing with the partnership on
behalf of a person who has an interest adverse to the partnership;
and
(3) refraining from competing or dealing with the
partnership in a manner adverse to the partnership.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.056 152.101 152.102 152.201 152.202 152.203 152.204 152.205 152.206 152.207 152.208 152.209 152.210 152.211 152.212
Last modified: August 11, 2007
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