Texas § 153.504 DISPOSITION OF ASSETS.

Texas Statutes

§ 153.504 — DISPOSITION OF ASSETS.

Texas § 153.504

Code BOBusiness Organizations Code

This text of Texas § 153.504 (DISPOSITION OF ASSETS.) 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. § 153.504 (2026).

Text

Sec. 153.504. DISPOSITION OF ASSETS. On the winding up of a limited partnership, its assets shall be paid or transferred as follows:

(1)to the extent otherwise permitted by law, to creditors, including partners who are creditors other than solely because of the application of Section 153.207 , for the payment or the making of reasonable provision for payment to satisfy the liabilities of the limited partnership;

(2)unless otherwise provided by the partnership agreement, to partners and former partners to satisfy the partnership's liability for distributions under Section 153.111 or 153.209 ; and

(3)unless otherwise provided by the partnership agreement, to partners first for the return of their capital and second with respect to their partnership interests, in the proportions provided b

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Sec. 153.504. DISPOSITION OF ASSETS. On the winding up of a limited partnership, its assets shall be paid or transferred as follows:
(1) to the extent otherwise permitted by law, to creditors, including partners who are creditors other than solely because of the application of Section 153.207 , for the payment or the making of reasonable provision for payment to satisfy the liabilities of the limited partnership;
(2) unless otherwise provided by the partnership agreement, to partners and former partners to satisfy the partnership's liability for distributions under Section 153.111 or 153.209 ; and
(3) unless otherwise provided by the partnership agreement, to partners first for the return of their capital and second with respect to their partnership interests, in the proportions provided by Sections 153.208 (a) and (b).

Legislative History

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748 ), Sec. 55, eff. September 1, 2011.