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Texas Business Organizations Code - Section 153.254. Liability Of Assignee

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.254. Liability Of Assignee

§ 153.254. LIABILITY OF ASSIGNEE.  (a) Until an assignee 
of the partnership interest in a limited partnership becomes a 
partner, the assignee does not have liability as a partner solely as 
a result of the assignment.
	(b)  Unless otherwise provided by a written partnership 
agreement, an assignee who becomes a limited partner:
		(1)  is liable for the obligations of the assignor to 
make contributions as provided by Sections 153.202-153.204;
		(2)  is not obligated for liabilities unknown to the 
assignee at the time the assignee became a limited partner and that 
could not be ascertained from a written partnership agreement;  and
		(3)  is not liable for the obligations of the assignor 
under Sections 153.105, 153.112, and 153.162.

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

Last modified: August 11, 2007