152.405 – POWER TO EFFECT TRANSFER OR GRANT OF SECURITY
Texas Business Organizations Code § 152.405
Summary
This law allows partnerships to refuse to recognize transfers of interests that are prohibited by their partnership agreements. It affects partners within a partnership by ensuring that the terms of their agreement are upheld regarding transfers of ownership or security interests.
Partnership agreements can prohibit certain transfers.
Partnerships are not obligated to recognize prohibited transfers.
Ensures adherence to the terms of partnership agreements.
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In simple terms: Learn about Texas's POWER TO EFFECT TRANSFER OR GRANT OF SECURITY law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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