BINDING EFFECT OF PARTNER'S ACTION AFTER EVENT REQUIRING WINDING UP
Applied in 1 court decision — leading case BASR Partnership Ex Rel. Pettinati v. United States (2017)
Most recently applied in BASR Partnership Ex Rel. Pettinati v. United States (January 2017)
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff
After the occurrence of an event requiring winding up of the partnership business, a partnership is bound by a partner's act that:
(1) is appropriate for winding up; or
(2) would bind the partnership under Sections 152.301 and 152.302 before the occurrence of the event requiring winding up, if the other party to the transaction does not have notice that an event requiring winding up has occurred.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.