153.254 – LIABILITY OF ASSIGNEE. (a) Until an assignee of
Texas Business Organizations Code § 153.254
Summary
This law clarifies the liability of an assignee of a partnership interest in a limited partnership. It states that an assignee is not liable for partnership obligations until they officially become a partner, and outlines their responsibilities regarding contributions and unknown liabilities once they do become a partner.
Assignees are not liable until they become partners.
Liability for contributions is based on the assignor's obligations.
Assignees are not responsible for unknown liabilities.
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In simple terms: Learn about Texas's LIABILITY OF ASSIGNEE. (a) Until an assignee of 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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