Texas Business Organizations Code - Section 153.162. Liability For Wrongful Withdrawal
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§ 153.162. LIABILITY FOR WRONGFUL WITHDRAWAL. (a) If a
general partner's withdrawal from a limited partnership violates
the partnership agreement, the partnership may recover damages from
the withdrawing general partner for breach of the partnership
agreement, including the reasonable cost of obtaining replacement
of the services the withdrawn partner was obligated to perform.
(b) In addition to pursuing any remedy available under
applicable law, the partnership may effect the recovery of damages
under Subsection (a) by offsetting those damages against the amount
otherwise distributable to the withdrawing general partner,
reducing the limited partner interest into which the withdrawing
general partner's interest may be converted under Section
153.158(a)(1), or both.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.155 153.156 153.157 153.158 153.159 153.160 153.161 153.162 153.201 153.202 153.203 153.204 153.205 153.206 153.207
Last modified: August 11, 2007
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