Texas Business Organizations Code - Section 153.210. Limitation On Distribution
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.210. Limitation On Distribution
§ 153.210. LIMITATION ON DISTRIBUTION. A limited
partnership may not make a distribution to a partner if,
immediately after giving effect to the distribution and despite any
compromise of a claim referred to by Sections 153.203 and 153.204,
all liabilities of the limited partnership, other than liabilities
to partners with respect to their partnership interests and
liabilities for which the recourse of creditors is limited to
specified property of the limited partnership, exceed the fair
value of the partnership assets. The fair value of property that is
subject to a liability for which recourse of creditors is limited
shall be included in the partnership assets for purposes of this
subsection only to the extent that the fair value of that property
exceeds that liability.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 153.203 153.204 153.205 153.206 153.207 153.208 153.209 153.210 153.251 153.252 153.253 153.254 153.255 153.256 153.257
Last modified: August 11, 2007
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