Texas Business Organizations Code 151.003 – Notice of Fact
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(a) For purposes of this title, a person has notice of a fact if the person:
(1) has knowledge of the fact;
(2) has received a communication of the fact as provided by Subsection (c); or
(3) reasonably should have concluded, from all facts then known to that person, that the fact exists.
(b) A person notifies or gives notice to another person of a fact by taking actions reasonably required to inform the other person of the fact in the ordinary course of business, regardless of whether the other person actually has knowledge of the fact.
Terms Used In Texas Business Organizations Code 151.003
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- Fraud: Intentional deception resulting in injury to another.
- 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 - 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
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
(c) A person is notified or receives notice of a fact when the fact is communicated to:
(1) the person;
(2) the person’s place of business; or
(3) another place held out by the person as the place for receipt of communications.
(d) Receipt of notice by a general partner of a fact relating to the partnership is effective immediately as notice to the partnership unless fraud against the partnership is committed by or with the consent of the partner receiving the notice.