Sec. 101.156. REQUIREMENTS TO ENFORCE CONDITIONAL OBLIGATION. (a) An obligation of a member of a limited liability company that is subject to a condition may be enforced by the company or a creditor described by Section 101.155 only if the condition is satisfied or waived by or with respect to the member.
(b) A conditional obligation of a member of a limited liability company under this section includes a contribution payable on a discretionary call of the limited liability company before the time the call occurs.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 3 - Limited Liability Companies
Chapter 101 - Limited Liability Companies
Section 101.151. Requirements for Enforceable Promise
Section 101.152. Enforceable Promise Not Affected by Change in Circumstances
Section 101.153. Failure to Perform Enforceable Promise; Consequences
Section 101.154. Consent Required to Release Enforceable Obligation
Section 101.155. Creditor's Right to Enforce Certain Obligations
Section 101.156. Requirements to Enforce Conditional Obligation