Texas § 153.502 WINDING UP PROCEDURES.

Texas Statutes

§ 153.502 — WINDING UP PROCEDURES.

Texas § 153.502

Code BOBusiness Organizations Code

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Bluebook

Tex. Business Organizations Code Code Ann. § 153.502 (2026).

Text

Sec. 153.502. WINDING UP PROCEDURES.

(a)Except as provided by the partnership agreement, the winding up of the partnership's affairs shall be accomplished by:

(1)the general partners;

(2)if there are no general partners, the limited partners or a person chosen by the limited partners; or

(3)a person appointed by the court to carry out the winding up under Subsection (b).

(b)On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.

(c)Repealed by Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411 ), Sec. 56, eff. September

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Sec. 153.502. WINDING UP PROCEDURES. (a) Except as provided by the partnership agreement, the winding up of the partnership's affairs shall be accomplished by:
(1) the general partners;
(2) if there are no general partners, the limited partners or a person chosen by the limited partners; or
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c) Repealed by Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411 ), Sec. 56, eff. September 1, 2025.

Legislative History

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2025, 89th Leg., R.S., Ch. 199 (S.B. 2411 ), Sec. 56, eff. September 1, 2025.