Texas § 152.506 LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY.

Texas Statutes

§ 152.506 — LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY.

Texas § 152.506

Code BOBusiness Organizations Code

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Bluebook

Tex. Business Organizations Code Code Ann. § 152.506 (2026).

Text

Sec. 152.506. LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY. A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:

(1)does not have notice of the partner's withdrawal; and

(2)reasonably believed that the withdrawn partner was a partner at the time of the transaction. SUBCHAPTER H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST

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Sec. 152.506. LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY. A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:
(1) does not have notice of the partner's withdrawal; and
(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.
SUBCHAPTER H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST