§ 151.003 — NOTICE OF FACT.

Texas § 151.003

• Jurisdiction: Texas
• Code BO: Business Organizations Code

Text

Sec. 151.003. NOTICE OF FACT. (a) For purposes of this title, a person has notice of a fact if the person:
(1) has knowledge of the fact;
(2) has received a communication of the fact as provided by Subsection (c); or
(3) reasonably should have concluded, from all facts then known to that person, that the fact exists.
(b) A person notifies or gives notice to another person of a fact by taking actions reasonably required to inform the other person of the fact in the ordinary course of business, regardless of whether the other person actually has knowledge of the fact.
(c) A person is notified or receives notice of a fact when the fact is communicated to:
(1) the person;
(2) the person's place of business; or
(3) another place held out by the person as the place for receipt of communications.
(d) Receipt of notice by a general partner of a fact relating to the partnership is effective immediately as notice to the partnership unless fraud against the partnership is committed by or with the consent of the partner receiving the notice.

Legislative History

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748 ), Sec. 41, eff. September 1, 2011.