Texas Business Organizations Code 153.112 – Receipt of Wrongful Distribution
Current as of: 2024 | Check for updates
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Terms Used In Texas Business Organizations Code 153.112
- Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
- Limited partner: means a person who has become, and has not ceased to be, a limited 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
A limited partner who receives a distribution that is not permitted under § 153.210 is not required to return the distribution unless the limited partner knew that the distribution violated the prohibition of § 153.210. This section does not affect an obligation of the limited partner under the partnership agreement, another agreement, or other applicable law to return the distribution.