Section 152.503 - Wrongful Withdrawal; Liability(a) At any time before the occurrence of an event requiring a winding up of partnership business, a partner may withdraw from the partnership and cease to be a partner as provided by Section 152.501.(b) A partner's withdrawal is wrongful only if: (1) the withdrawal breaches an express provision of the partnership agreement;(2) in the case of a partnership that has a period of duration, is for a particular undertaking, or is required under its partnership agreement to wind up the partnership on occurrence of a specified event, before the expiration of the period of duration, the completion of the undertaking, or the occurrence of the event, as appropriate: (A) the partner withdraws by express will;(B) the partner withdraws by becoming a debtor in bankruptcy; or(C) in the case of a partner that is not an individual, a trust other than a business trust, or an estate, the partner is expelled or otherwise withdraws because the partner wilfully dissolved or terminated; or(3) the partner is expelled by judicial decree under Section 152.501(b)(5).(c) In addition to other liability of the partner to the partnership or to the other partners, a wrongfully withdrawing partner is liable to the partnership and to the other partners for damages caused by the withdrawal.Tex. Bus. Org. Code § 152.503
Amended by Acts 2007, 80th Leg., R.S., Ch. 688, Sec. 108, eff. 9/1/2007. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.