Texas Business Organizations Code 152.612 – Action to Determine Transferee’s Redemption Price
Current as of: 2024 | Check for updates
|
Other versions
(a) A transferee may maintain an action against a partnership to determine the redemption price of the transferee’s interest.
(b) The court shall determine the redemption price of the transferee’s interest and accrued interest and enter judgment for payment or refund.
Terms Used In Texas Business Organizations Code 152.612
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Partnership: means an entity governed as a partnership under Title 4. See Texas Business Organizations Code 1.002
(c) If the court finds that the partnership failed to make payment or otherwise acted arbitrarily, vexatiously, or not in good faith, the court may assess against the partnership in an amount the court finds equitable:
(1) reasonable attorney’s fees; and
(2) fees and expenses of appraisers or other experts for a party to the action.
(d) The redemption of a transferee’s interest under Sections 152.611(a) and (b) may be deferred as determined by the court if the partnership establishes to the satisfaction of the court that failure to defer redemption will cause undue hardship to the partnership business.