Sec. 114.085. PARTNERSHIPS. (a) To the extent allowed by law, a trustee who takes the place of a deceased partner in a general partnership in accordance with the articles of partnership is liable to third persons only to the extent of the:
(1) deceased partner's capital in the partnership; and
(2) trust funds held by the trustee.
(b) A trustee who contracts to enter a general partnership in its capacity as trustee shall limit, to the extent allowed by law, the trust's liability to:
(1) the trust assets contributed to the partnership; and
(2) other assets of the trust under the management of the contracting trustee.
(c) If another provision of this subtitle conflicts with this section, this section controls. This section does not exonerate a trustee from liability for negligence.
Added by Acts 1983, 68th Leg., p. 3332, ch. 567, art. 2, Sec. 2, eff. Jan. 1, 1984.
Structure Texas Statutes
Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts
Chapter 114 - Liabilities, Rights, and Remedies of Trustees, Beneficiaries, and Third Persons
Section 114.081. Protection of Person Dealing With Trustee
Section 114.082. Conveyance by Trustee
Section 114.0821. Liability of Trust Property
Section 114.083. Rights and Liabilities for Committing Torts