Texas Business Organizations Code - Section 153.109. Liability Of Erroneous Contributor
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§ 153.109. LIABILITY OF ERRONEOUS
CONTRIBUTOR. Regardless of whether Sections 153.106, 153.107, and
153.108 apply, a person who makes a contribution in the
circumstances described by Section 153.106 is liable as a general
partner to a third party who transacts business with the
partnership before an action taken under Section 153.106 if:
(1) the contributor has knowledge or notice that no
certificate has been filed or that the certificate inaccurately
referred to the contributor as a general partner; and
(2) the third party reasonably believed, based on the
contributor's conduct, that the contributor was a general partner
at the time of the transaction and extended credit to the
partnership in reasonable reliance on the credit of the
contributor.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.102 153.103 153.104 153.105 153.106 153.107 153.108 153.109 153.110 153.111 153.112 153.113 153.151 153.152 153.153
Last modified: August 11, 2007
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