Sec. 152.610. DEFERRED PAYMENT ON WINDING UP PARTNERSHIP. If a partner withdraws under Section 152.501 and not later than the 60th day after the date of withdrawal an event requiring winding up occurs under Section 11.051 or 11.057:
(1) the partnership may defer paying the redemption price to the withdrawn partner until the partnership makes a winding up distribution to the remaining partners; and
(2) the redemption price or contribution obligation is the amount the withdrawn partner would have received or contributed if the event requiring winding up had occurred at the time of the partner's withdrawal.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 152 - General Partnerships
Subchapter H. Redemption of Withdrawing Partner's or Transferee's Interest
Section 152.601. Redemption if Partnership Not Wound Up
Section 152.602. Redemption Price
Section 152.603. Contribution Obligation
Section 152.604. Setoff for Certain Damages
Section 152.605. Accrual of Interest
Section 152.606. Indemnification of Withdrawn Partner
Section 152.607. Demand or Payment of Estimated Redemption
Section 152.608. Deferred Payment on Wrongful Withdrawal
Section 152.609. Action to Determine Terms of Redemption
Section 152.610. Deferred Payment on Winding Up Partnership
Section 152.611. Redemption of Transferee's Partnership Interest
Section 152.612. Action to Determine Transferee's Redemption Price