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Texas Statutes (Last Updated: January 4, 2014) |
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BUSINESS ORGANIZATIONS CODE |
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Title 4. PARTNERSHIPS |
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Chapter 152. GENERAL PARTNERSHIPS |
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Subchapter F. TRANSFER OF PARTNERSHIP INTERESTS |
Sec. 152.404. RIGHTS AND DUTIES OF TRANSFEREE
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(a) A transferee of a partner's partnership interest is entitled to receive, to the extent transferred, distributions to which the transferor otherwise would be entitled.
(b) If an event requires a winding up of partnership business under Subchapter I, a transferee is entitled to receive, to the extent transferred, the net amount otherwise distributable to the transferor.
(c) Until a transferee becomes a partner, the transferee does not have liability as a partner solely as a result of the transfer.
(d) For a proper purpose the transferee may require reasonable information or an account of a partnership transaction and make reasonable inspection of the partnership books. In a winding up of partnership business, a transferee may require an accounting only from the date of the latest account agreed to by all of the partners.
(e) Until receipt of notice of a transfer, a partnership is not required to give effect to a transferee's rights under this section and Sections 152.401-152.403.