Source: https://chowinslaw.com/resources/texas-business-laws/334-finances-and-partnership-interests-in-limited-partnerships-texas-business-organizations
Timestamp: 2020-06-04 18:32:11
Document Index: 461318909

Matched Legal Cases: ['§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153', '§ 153']

Finances and Partnership Interests In Limited Partnerships - Texas Business Organizations - Chowins Law Firm, PLLC | Chowins Law Firm, PLLC
Finances and Partnership Interests In Limited Partnerships - Texas Business Organizations
Finances and Partnership Interests In Limited Partnerships
§ 153.201. FORM OF CONTRIBUTION.
§ 153.202. ENFORCEABILITY OF PROMISE TO MAKE CONTRIBUTION.
(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.
(a) Notwithstanding a compromise or release under § 153.203, a creditor of a limited partnership who extends credit or otherwise acts in reasonable reliance on an obligation described by § 153.203 may enforce the original obligation if:
(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.
(1) in accordance with the current percentage or other interest in the partnership stated in partnership records of the kind described by § 153.551(a); or
(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.
(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.
§ 153.209. INTERIM DISTRIBUTIONS.
Except as otherwise provided by this § and § 153.210, a partner is entitled to receive a distribution from a limited partnership to the extent and at the time or on the occurrence of an event specified in the partnership agreement before:
§ 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.
§ 153.252. RIGHTS OF ASSIGNOR.
§ 153.253. RIGHTS OF ASSIGNEE.
§ 153.254. LIABILITY OF ASSIGNEE.
(1) is liable for the obligations of the assignor to make contributions as provided by §§ 153.202-153.204;
(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.