Sec. 152.506. LIABILITY OF WITHDRAWN PARTNER TO THIRD PARTY. A person who withdraws as a partner in a circumstance that is not an event requiring a winding up of partnership business under Section 11.051 or 11.057 is liable to another party as a partner in a transaction entered into by the partnership or a surviving partnership under Section 10.001 not later than the second anniversary of the date of the partner's withdrawal only if the other party to the transaction:
(1) does not have notice of the partner's withdrawal; and
(2) reasonably believed that the withdrawn partner was a partner at the time of the transaction.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 152 - General Partnerships
Subchapter G. Withdrawal of Partner
Section 152.501. Events of Withdrawal
Section 152.502. Effect of Event of Withdrawal on Partnership and Other Partners
Section 152.503. Wrongful Withdrawal; Liability
Section 152.504. Withdrawn Partner's Power to Bind Partnership
Section 152.505. Effect of Withdrawal on Partner's Existing Liability
Section 152.506. Liability of Withdrawn Partner to Third Party