Texas Business Organizations Code - Section 152.406. Effect Of Death Or Divorce On Partnership Interest
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.406. Effect Of Death Or Divorce On Partnership Interest
§ 152.406. EFFECT OF DEATH OR DIVORCE ON PARTNERSHIP
INTEREST. (a) For purposes of this code:
(1) on the divorce of a partner, the partner's spouse,
to the extent of the spouse's partnership interest, is a transferee
of the partnership interest from the partner;
(2) on the death of a partner, the partner's surviving
spouse, if any, and an heir, legatee, or personal representative of
the partner, to the extent of their respective partnership
interest, is a transferee of the partnership interest from the
partner; and
(3) on the death of a partner's spouse, an heir,
legatee, or personal representative of the spouse, to the extent of
their respective partnership interest, is a transferee of the
partnership interest from the partner.
(b) An event of the type described by Section 152.501
occurring with respect to a partner's spouse is not an event of
withdrawal.
(c) This chapter does not impair an agreement for the
purchase or sale of a partnership interest at any time, including
the death of an owner of the partnership interest.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.306 152.307 152.401 152.402 152.403 152.404 152.405 152.406 152.501 152.502 152.503 152.504 152.505 152.506 152.601
Last modified: August 11, 2007
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