153.005 – WAIVER OR MODIFICATION OF RIGHTS OF THIRD
Texas Business Organizations Code § 153.005
Summary
This law allows limited partnerships to waive or modify rights granted to third parties, provided those parties consent to the changes. It affects limited partnerships and their agreements with individuals who are not general or limited partners.
Third-party rights can be waived or modified in partnership agreements.
Consent from the third party is required for any changes.
Applies specifically to limited partnerships under this title.
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In simple terms: Learn about Texas's WAIVER OR MODIFICATION OF RIGHTS OF THIRD 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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