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Tex. Bus. Orgs. Code § 152.304

NATURE OF PARTNER'S LIABILITY

Applied in 1 court decision — leading case Domit Land Development, L.P. v. Inter National Bank (In re Anzalduas Business Park, L.P.) (2013)

Most recently applied in Domit Land Development, L.P. v. Inter National Bank (In re Anzalduas Business Park, L.P.) (June 2013)

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

(a) Except as provided by Subsection (b) or Section 152.801(a), all partners are jointly and severally liable for all obligations of the partnership unless otherwise:

(1) agreed by the claimant; or

(2) provided by law.

(b) A person who is admitted as a partner into an existing partnership does not have personal liability under Subsection (a) for an obligation of the partnership that:

(1) arises before the partner's admission to the partnership;

(2) relates to an action taken or omission occurring before the partner's admission to the partnership; or

(3) arises before or after the partner's admission to the partnership under a contract or commitment entered into before the partner's admission.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.