Sec. 153.205. REQUIREMENTS TO ENFORCE CONDITIONAL OBLIGATION. (a) An obligation of a limited partner of a limited partnership that is subject to a condition may be enforced by the partnership creditor described by Section 153.204 only if the condition is satisfied or waived by or with respect to the limited partner.
(b) A conditional obligation of a limited partner of a limited partnership includes a contribution payable on a discretionary call of the limited partnership before the time the call occurs.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Section 153.201. Form of Contribution
Section 153.202. Enforceability of Promise to Make Contribution
Section 153.203. Release of Obligation to Partnership
Section 153.204. Enforceability of Obligation
Section 153.205. Requirements to Enforce Conditional Obligation
Section 153.206. Allocation of Profits and Losses
Section 153.207. Right to Distribution
Section 153.208. Sharing of Distributions