Texas Business Organizations Code 153.204 – Enforceability of Obligation
Current as of: 2024 | Check for updates
|
Other versions
(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:
(1) the obligation is reflected in a document signed by the partner; and
(2) the document is not amended or canceled to reflect the compromise or release.
(b) Notwithstanding the compromise or release, a general partner remains liable to persons other than the partnership and the other partners, as provided by Sections 153.152(a)(2) and (b).
Terms Used In Texas Business Organizations Code 153.204
- General partner: means :
(A) each partner in a general partnership; or
(B) a person who has become, and has not ceased to be, a general partner in a limited partnership in accordance with the governing documents of the limited partnership or this code. See Texas Business Organizations Code 1.002 - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partner: means a limited partner or general partner. See Texas Business Organizations Code 1.002
- 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
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005