Sec. 152.705. PARTNER'S LIABILITY TO OTHER PARTNERS AFTER EVENT REQUIRING WINDING UP. (a) Except as provided by Subsection (b), after the occurrence of an event requiring winding up of the partnership business, the losses with respect to which a partner must contribute under Section 152.708(a) include losses from a liability incurred under Section 152.704.
(b) A partner who incurs, with notice that an event requiring a winding up of the partnership business has occurred, a partnership liability under Section 152.704(2) by an act that is not appropriate for winding up is liable to the partnership for a loss caused to the partnership arising from that liability.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 152 - General Partnerships
Subchapter I. Supplemental Winding Up and Termination Provisions
Section 152.701. Effect of Event Requiring Winding Up
Section 152.702. Persons Eligible to Wind Up Partnership Business
Section 152.703. Rights and Duties of Person Winding Up Partnership Business
Section 152.704. Binding Effect of Partner's Action After Event Requiring Winding Up
Section 152.705. Partner's Liability to Other Partners After Event Requiring Winding Up
Section 152.706. Disposition of Assets
Section 152.707. Settlement of Accounts