Texas § 152.608 DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL.

Texas Statutes

§ 152.608 — DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL.

Texas § 152.608

Code BOBusiness Organizations Code

This text of Texas § 152.608 (DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL.) 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. § 152.608 (2026).

Text

Sec. 152.608. DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL.

(a)A partner who wrongfully withdraws before the expiration of the partnership's period of duration, the completion of a particular undertaking, or the occurrence of a specified event requiring a winding up of partnership business is not entitled to receive any portion of the redemption price until the expiration of the period, the completion of the undertaking, or the occurrence of the specified event, as appropriate, unless the partner establishes to the satisfaction of a court that earlier payment will not cause undue hardship to the partnership.

(b)A deferred payment accrues interest.

(c)The withdrawn partner may seek to demonstrate to the satisfaction of the court that security for a deferred payment is appropriate.

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Sec. 152.608. DEFERRED PAYMENT ON WRONGFUL WITHDRAWAL. (a) A partner who wrongfully withdraws before the expiration of the partnership's period of duration, the completion of a particular undertaking, or the occurrence of a specified event requiring a winding up of partnership business is not entitled to receive any portion of the redemption price until the expiration of the period, the completion of the undertaking, or the occurrence of the specified event, as appropriate, unless the partner establishes to the satisfaction of a court that earlier payment will not cause undue hardship to the partnership.
(b) A deferred payment accrues interest.
(c) The withdrawn partner may seek to demonstrate to the satisfaction of the court that security for a deferred payment is appropriate.

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. 110, eff. September 1, 2007.