Texas Business Organizations Code - Section 152.609. Action To Determine Terms Of Redemption
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§ 152.609. ACTION TO DETERMINE TERMS OF REDEMPTION. (a)
A withdrawn partner or the partnership may maintain an action
against the other party under Section 152.211 to determine:
(1) the terms of redemption of that partner's
interest, including a contribution obligation or setoff under
Section 152.603 or 152.604; or
(2) other terms of the redemption obligations of
either party.
(b) The action must be commenced not later than the first
anniversary of the later of:
(1) the date of delivery of information required by
Section 152.607(c); or
(2) the date written notice is given under Section
152.607(d).
(c) The court shall determine the terms of the redemption of
the withdrawn partner's interest, any contribution obligation or
setoff due under Section 152.603 or 152.604, and accrued interest
and shall enter judgment for an additional payment or refund.
(d) If deferred payment is authorized under Section
152.608, the court shall also determine the security for payment if
requested to consider whether security is appropriate.
(e) If the court finds that a party failed to tender payment
or make an offer to pay or to comply with the requirements of
Section 152.607(c) or otherwise acted arbitrarily, vexatiously, or
not in good faith, the court may assess damages against the party,
including, if appropriate, in an amount the court finds equitable:
(1) a share of the profits of the continuing business;
(2) reasonable attorney's fees; and
(3) fees and expenses of appraisers or other experts
for a party to the action.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 152.602 152.603 152.604 152.605 152.606 152.607 152.608 152.609 152.610 152.611 152.612 152.701 152.702 152.703 152.704
Last modified: August 11, 2007
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