Sec. 152.606. INDEMNIFICATION FOR CERTAIN LIABILITY    


Latest version.
  • (a) A partnership shall indemnify a withdrawn partner against a partnership liability incurred before the date of withdrawal, except for a liability:

    (1) that is unknown to the partnership at the time; or

    (2) incurred by an act of the withdrawn partner under Section 152.504.

    (b) For purposes of this section, a liability is unknown to the partnership if it is not known to a partner other than the withdrawn partner.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.