152.704 – BINDING EFFECT OF PARTNER'S ACTION AFTER EVENT
Texas Business Organizations Code § 152.704
Summary
This law specifies that after a partnership must wind up its business, actions taken by a partner can still bind the partnership if they are appropriate for winding up or if they would have been binding prior to the winding up event, provided the other party is unaware of the winding up requirement. This affects partnerships and their partners during the winding up process.
Partners can bind the partnership during winding up.
Actions must be appropriate for winding up.
Binding effect applies if the other party lacks notice of winding up.
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In simple terms: Learn about Texas's BINDING EFFECT OF PARTNER'S ACTION AFTER EVENT 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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