Sec. 1151.154. ADMINISTRATION OF PARTNERSHIP INTEREST. (a) This section applies only to a general partnership governed by a partnership agreement or articles of partnership that provide that, on the incapacity of a partner, the guardian of the estate of the partner is entitled to the place of the incapacitated partner in the partnership.
(b) If a ward was a partner in a general partnership, the guardian who contracts to come into the partnership is, to the extent allowed by law, liable to a third person only to the extent of:
(1) the incapacitated partner's capital in the partnership; and
(2) the assets of the incapacitated partner's estate that are held by the guardian.
(c) This section does not exonerate a guardian from liability for the guardian's negligence.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.
Structure Texas Statutes
Title 3 - Guardianship and Related Procedures
Subtitle E - Administration of Guardianship
Chapter 1151 - Rights, Powers, and Duties Under Guardianship
Subchapter D. Possession and Care of Ward's Property by Guardian of the Estate
Section 1151.151. Duty of Care
Section 1151.152. Possession of Personal Property and Records
Section 1151.153. Possession of Property Held in Common Ownership
Section 1151.154. Administration of Partnership Interest
Section 1151.155. Operation or Rental of Farm, Ranch, Factory, or Other Business