Texas Business Organizations Code - Section 152.602. Redemption Price
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 152.602. Redemption Price
§ 152.602. REDEMPTION PRICE. (a) Except as provided by
Subsection (b) , the redemption price of a withdrawn partner's
partnership interest is the fair value of the interest on the date
of withdrawal.
(b) The redemption price of the partnership interest of a
partner who wrongfully withdraws before the expiration of a
definite term, the completion of a particular undertaking, or the
occurrence of a specified event requiring a winding up of
partnership business is the lesser of:
(1) the fair value of the withdrawn partner's
partnership interest on the date of withdrawal; or
(2) the amount that the withdrawn partner would have
received if an event requiring a winding up of partnership business
had occurred at the time of the partner's withdrawal.
(c) Interest is payable on the amount owed under this
section.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.501 152.502 152.503 152.504 152.505 152.506 152.601 152.602 152.603 152.604 152.605 152.606 152.607 152.608 152.609
Last modified: August 11, 2007
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