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Texas Business Organizations Code - Section 153.256. Charge In Payment Of Judgment Creditor

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 153.256. Charge In Payment Of Judgment Creditor

§ 153.256. CHARGE IN PAYMENT OF JUDGMENT CREDITOR.  (a) 
On application to a court by a judgment creditor of a partner or 
other owner of a partnership interest, the court may:
		(1)  charge the partnership interest of the partner or 
other owner with payment of the unsatisfied amount of the judgment, 
with interest;
		(2)  appoint a receiver for the debtor partner's share 
of the partnership's profits and other money payable or that 
becomes payable to the debtor partner with respect to the limited 
partnership;  and
		(3)  make other orders, directions, and inquiries that 
the circumstances of the case require.
	(b)  To the extent that the partnership interest is charged 
in the manner provided by Subsection (a), the judgment creditor has 
only the rights of an assignee of the partnership interest.
	(c)  The partnership interest charged may be:                                  
		(1)  redeemed at any time before foreclosure;  or                             
		(2)  in case of a sale directed by the court, and 
without constituting an event requiring winding up, purchased:
			(A)  by one or more of the general partners with 
separate property of any general partner;  or
			(B)  with respect to partnership property, by one 
or more of the general partners whose interests are not charged, on 
the consent of all general partners whose interests are not charged 
and a majority in interest of the limited partners, excluding 
limited partnership interests held by a general partner whose 
interest is charged.
	(d)  The remedies provided by Subsection (a) are exclusive of 
other remedies that may exist, including remedies under laws of 
this state applicable to partnerships without limited partners.

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

Last modified: August 11, 2007