Texas Business Organizations Code - Section 152.608. Deferred Payment On Wrongful Withdrawal
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§ 152.608. DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL. (a)
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 not entitled to receive any portion of the
redemption price until the expiration of the term, the completion
of the undertaking, or the occurrence of the specified event, as
appropriate, unless the partner establishes to the satisfaction of
a court that earlier payment will not cause undue hardship to the
partnership.
(b) A deferred payment accrues interest.
(c) The withdrawn partner may seek to demonstrate to the
satisfaction of the court that security for a deferred payment is
appropriate.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.601 152.602 152.603 152.604 152.605 152.606 152.607 152.608 152.609 152.610 152.611 152.612 152.701 152.702 152.703
Last modified: August 10, 2007
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