Texas § 153.253 RIGHTS OF ASSIGNEE.

Texas Statutes

§ 153.253 — RIGHTS OF ASSIGNEE.

Texas § 153.253

Code BOBusiness Organizations Code

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Bluebook

Tex. Business Organizations Code Code Ann. § 153.253 (2026).

Text

Sec. 153.253. RIGHTS OF ASSIGNEE.

(a)An assignee of a partnership interest, including the partnership interest of a general partner, may become a limited partner if and to the extent that:

(1)the partnership agreement provides; or

(2)all partners consent.

(b)An assignee who becomes a limited partner, to the extent of the rights and powers assigned, has the rights and powers and is subject to the restrictions and liabilities of a limited partner under a partnership agreement and this code.

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Sec. 153.253. RIGHTS OF ASSIGNEE. (a) An assignee of a partnership interest, including the partnership interest of a general partner, may become a limited partner if and to the extent that:
(1) the partnership agreement provides; or
(2) all partners consent.
(b) An assignee who becomes a limited partner, to the extent of the rights and powers assigned, has the rights and powers and is subject to the restrictions and liabilities of a limited partner under a partnership agreement and this code.

Jonathan Shurberg as Personal Representative of the Estate of Rebecca Lord, Individually and Derivatively on Behalf of La Salle Industries, a Limited Partnership v. La Salle Industries Limited, Roy G. Martin Jr. Property Management, Inc., Roy Martin, Elizabeth Martin, Jennifer Lord, Brenda Lord, Kent Lord, Janie Martin, Mark Martin, Thomas L. Martin, and Jill Martin

(Court of Appeals of Texas, 2015)