Texas Property Code - Section 114.085. Partnerships
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Texas Laws > Property Code > Texas Property Code - Section 114.085. Partnerships
Section: 114.063 114.064 114.081 114.082 114.0821 114.083 114.084 114.085 115.001 115.002 115.011 115.012 115.013 115.014 115.015
§ 114.085. PARTNERSHIPS. (a) To the extent allowed by
law, a trustee who takes the place of a deceased partner in a
general partnership in accordance with the articles of partnership
is liable to third persons only to the extent of the:
(1) deceased partner's capital in the partnership;
(2) trust funds held by the trustee.
(b) A trustee who contracts to enter a general partnership
in its capacity as trustee shall limit, to the extent allowed by
law, the trust's liability to:
(1) the trust assets contributed to the partnership;
(2) other assets of the trust under the management of
the contracting trustee.
(c) If another provision of this subtitle conflicts with
this section, this section controls. This section does not
exonerate a trustee from liability for negligence.
Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, § 2, eff.
Jan. 1, 1984.
Last modified: August 11, 2007