Sec. 153.112. RECEIPT OF WRONGFUL DISTRIBUTION. A limited partner who receives a distribution that is not permitted under Section 153.210 is not required to return the distribution unless the limited partner knew that the distribution violated the prohibition of Section 153.210. This section does not affect an obligation of the limited partner under the partnership agreement or other applicable law to return the distribution.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Subchapter C. Limited Partners
Section 153.101. Admission of Limited Partners
Section 153.102. Liability to Third Parties
Section 153.103. Actions Not Constituting Participation in Business for Liability Purposes
Section 153.104. Enumeration of Actions Not Exclusive
Section 153.105. Creation of Rights
Section 153.106. Erroneous Belief of Contributor Being Limited Partner
Section 153.107. Statement Required for Liability Protection
Section 153.108. Requirements for Liability Protection Following Expiration of Statement
Section 153.109. Liability of Erroneous Contributor
Section 153.110. Withdrawal of Limited Partner
Section 153.111. Distribution on Withdrawal
Section 153.112. Receipt of Wrongful Distribution
Section 153.113. Powers of Estate of Limited Partner Who Is Deceased or Incapacitated