Texas Business Organizations Code - Section 152.303. Liability Of Partnership For Conduct Of Partner
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.303. Liability Of Partnership For Conduct Of Partner
§ 152.303. LIABILITY OF PARTNERSHIP FOR CONDUCT OF
PARTNER. (a) A partnership is liable for loss or injury to a
person, including a partner, or for a penalty caused by or incurred
as a result of a wrongful act or omission or other actionable
conduct of a partner acting:
(1) in the ordinary course of business of the
partnership; or
(2) with the authority of the partnership.
(b) A partnership is liable for the loss of money or
property of a person who is not a partner that is:
(1) received in the course of the partnership's
business; and
(2) misapplied by a partner while in the custody of the
partnership.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.210 152.211 152.212 152.213 152.214 152.301 152.302 152.303 152.304 152.305 152.306 152.307 152.401 152.402 152.403
Last modified: August 11, 2007
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