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Texas Business Organizations Code - Section 153.205. Requirements To Enforce Conditional Obligation

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.205. Requirements To Enforce Conditional Obligation

§ 153.205. REQUIREMENTS TO ENFORCE CONDITIONAL 
OBLIGATION.  (a) An obligation of a limited partner of a limited 
partnership that is subject to a condition may be enforced by the 
partnership creditor described by Section 153.204 only if the 
condition is satisfied or waived by or with respect to the limited 
partner.
	(b)  A conditional obligation of a limited partner of a 
limited partnership includes a contribution payable on a 
discretionary call of the limited partnership before the time the 
call occurs.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007