Texas Business Organizations Code - Section 152.505. Effect Of Withdrawal On Partner's Existing Liability
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.505. Effect Of Withdrawal On Partner's Existing Liability
§ 152.505. EFFECT OF WITHDRAWAL ON PARTNER'S EXISTING
LIABILITY. (a) Withdrawal of a partner does not by itself
discharge the partner's liability for an obligation of the
partnership incurred before the date of withdrawal.
(b) The estate of a deceased partner is liable for an
obligation of the partnership incurred while the deceased was a
partner to the same extent that a withdrawn partner is liable for an
obligation of the partnership incurred before the date of
withdrawal.
(c) A withdrawn partner is discharged from liability
incurred before the date of withdrawal by an agreement to that
effect between the partner and a partnership creditor.
(d) If a creditor of a partnership has notice of a partner's
withdrawal and without the consent of the withdrawn partner agrees
to a material alteration in the nature or time of payment of an
obligation of the partnership incurred before the date of
withdrawal, the withdrawn partner is discharged from the
obligation.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.404 152.405 152.406 152.501 152.502 152.503 152.504 152.505 152.506 152.601 152.602 152.603 152.604 152.605 152.606
Last modified: August 11, 2007
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