Sec. 152.706. DISPOSITION OF ASSETS. (a) In winding up the partnership business, the property of the partnership, including any required contributions of the partners under Sections 152.707 and 152.708, shall be applied to discharge its obligations to creditors, including partners who are creditors other than in the partners' capacities as partners.
(b) A surplus shall be applied to pay in cash the net amount distributable to partners in accordance with their right to distributions under Section 152.707.
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