Texas Business Organizations Code - Section 153.204. Enforceability Of Obligation
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§ 153.204. ENFORCEABILITY OF OBLIGATION. (a)
Notwithstanding a compromise or release under Section 153.203, a
creditor of a limited partnership who extends credit or otherwise
acts in reasonable reliance on an obligation described by Section
153.203 may enforce the original obligation if:
(1) the obligation is reflected in a document signed
by the partner; and
(2) the document is not amended or canceled to reflect
the compromise or release.
(b) Notwithstanding the compromise or release, a general
partner remains liable to persons other than the partnership and
the other partners, as provided by Sections 153.152(a)(2) and (b).
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.159 153.160 153.161 153.162 153.201 153.202 153.203 153.204 153.205 153.206 153.207 153.208 153.209 153.210 153.251
Last modified: August 11, 2007
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