Tex. Bus. Org. Code § 152.506

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 152.506 - Liability of Withdrawn Partner to Third Party

A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:

(1) does not have notice of the partner's withdrawal; and

(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.

Tex. Bus. Org. Code § 152.506

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.