Texas § 153.251 ASSIGNMENT OF PARTNERSHIP INTEREST.

Texas Statutes

§ 153.251 — ASSIGNMENT OF PARTNERSHIP INTEREST.

Texas § 153.251

Code BOBusiness Organizations Code

This text of Texas § 153.251 (ASSIGNMENT OF PARTNERSHIP INTEREST.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Business Organizations Code Code Ann. § 153.251 (2026).

Text

Sec. 153.251. ASSIGNMENT OF PARTNERSHIP INTEREST.

(a)Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.

(b)Except as otherwise provided by the partnership agreement, an assignment of a partnership interest:

(1)does not require the winding up of a limited partnership;

(2)does not entitle the assignee to become, or to exercise rights or powers of, a partner; and

(3)entitles the assignee to be allocated income, gain, loss, deduction, credit, or similar items and to receive distributions to which the assignor was entitled to the extent those items are assigned.

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Sec. 153.251. ASSIGNMENT OF PARTNERSHIP INTEREST. (a) Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.
(b) Except as otherwise provided by the partnership agreement, an assignment of a partnership interest:
(1) does not require the winding up of a limited partnership;
(2) does not entitle the assignee to become, or to exercise rights or powers of, a partner; and
(3) entitles the assignee to be allocated income, gain, loss, deduction, credit, or similar items and to receive distributions to which the assignor was entitled to the extent those items are assigned.

Legislative History

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737 ), Sec. 124, eff. September 1, 2007.