Source: https://chowinslaw.com/resources/texas-business-laws/334-finances-and-partnership-interests-in-limited-partnerships-texas-business-organizations
Timestamp: 2019-04-23 04:42:18+00:00

Document:
§ 153.201. FORM OF CONTRIBUTION.
§ 153.202. ENFORCEABILITY OF PROMISE TO MAKE CONTRIBUTION.
(a) A promise by a limited partner to make a contribution to, or pay cash or transfer other property to, a limited partnership is not enforceable unless the promise is in writing and signed by the limited partner.
(c) If a partner or a partner's legal representative or successor does not make a contribution or other payment of cash or transfer of other property required by the enforceable promise, whether as a contribution or with respect to a contribution previously made, that partner or the partner's legal representative or successor is obligated, at the option of the limited partnership, to pay to the partnership an amount of cash equal to the portion of the agreed value, as stated in the partnership agreement or in the partnership records required to be kept under §§ 153.551 and 153.552, of the contribution represented by the amount of cash that has not been paid or the value of the property that has not been transferred.
§ 153.203. RELEASE OF OBLIGATION TO PARTNERSHIP.
Unless otherwise provided by the partnership agreement, the obligation of a partner or the legal representative or successor of a partner to make a contribution, pay cash, transfer other property, or return cash or property paid or distributed to the partner in violation of this chapter or the partnership agreement may be compromised or released only by consent of all of the partners.
§ 153.204. ENFORCEABILITY OF OBLIGATION.
(b) Notwithstanding the compromise or release, a general partner remains liable to persons other than the partnership and the other partners, as provided by §§ 153.152(a)(2) and (b).
§ 153.205. REQUIREMENTS TO ENFORCE CONDITIONAL OBLIGATION.
(a) An obligation of a limited partner of a limited partnership that is subject to a condition may be enforced by the partnership creditor described by § 153.204 only if the condition is satisfied or waived by or with respect to the limited partner.
§ 153.206. ALLOCATION OF PROFITS AND LOSSES.
(a) The profits and losses of a limited partnership shall be allocated among the partners in the manner provided by a written partnership agreement.
(2) if the allocation of profits and losses is not provided for in partnership records of the kind described by § 153.551(a), in proportion to capital accounts.
§ 153.207. RIGHT TO DISTRIBUTION.
Subject to § 153.210, when a partner becomes entitled to receive a distribution, the partner has with respect to the distribution the status of and is entitled to all remedies available to a creditor of the limited partnership.
§ 153.208. SHARING OF DISTRIBUTIONS.
(a) A distribution of cash or another asset of a limited partnership shall be made to a partner in the manner provided by a written partnership agreement.
(b) If a written partnership agreement does not provide otherwise, a distribution that is a return of capital shall be made on the basis of the agreed value, as stated in the partnership records required to be maintained under § 153.551(a), of the contribution made by each partner to the extent that the contribution has not been returned. A distribution that is not a return of capital shall be made in proportion to the allocation of profits as determined under § 153.206.
§ 153.210. LIMITATION ON DISTRIBUTION.
(a) Unless the distribution is made in compliance with Chapter 11, a limited partnership may not make a distribution to a partner if, immediately after giving effect to the distribution and despite any compromise of a claim referred to by §§ 153.203 and 153.204, all liabilities of the limited partnership, other than liabilities to partners with respect to their partnership interests and liabilities for which the recourse of creditors is limited to specified property of the limited partnership, exceed the fair value of the partnership assets. The fair value of property that is subject to a liability for which recourse of creditors is limited shall be included in the partnership assets for purposes of this subsection only to the extent that the fair value of that property exceeds that liability.
§ 153.251. ASSIGNMENT OF PARTNERSHIP INTEREST.
(a) Except as otherwise provided by the partnership agreement, a partnership interest is assignable wholly or partly.
§ 153.252. RIGHTS OF ASSIGNOR.
(a) Except as otherwise provided by the partnership agreement, until the assignee becomes a partner, the assignor partner continues to be a partner in the limited partnership. The assignor partner may exercise any rights or powers of a partner, except to the extent those rights or powers are assigned.
§ 153.253. RIGHTS OF ASSIGNEE.
§ 153.254. LIABILITY OF ASSIGNEE.
(a) Until an assignee of the partnership interest in a limited partnership becomes a partner, the assignee does not have liability as a partner solely as a result of the assignment.
(3) is not liable for the obligations of the assignor under §§ 153. 105, 153.112, and 153.162.
§ 153.255. LIABILITY OF ASSIGNOR.
Regardless of whether an assignee of a partnership interest becomes a limited partner, the assignor is not released from the assignor's liability to the limited partnership under Subchapter E and §§ 153.105, 153.112, and 153.162.
§ 153.256. PARTNER'S PARTNERSHIP INTEREST SUBJECT TO CHARGING ORDER.
(e) This § does not deprive a partner or other owner of a partnership interest of a right under exemption laws with respect to the judgment debtor's partnership interest.
§ 153.257. EXEMPTION LAWS APPLICABLE TO PARTNERSHIP INTEREST NOT AFFECTED.
Section 153.256 does not deprive a partner of the benefit of an exemption law applicable to that partner's partnership interest.

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