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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 154. PROVISIONS APPLICABLE TO BOTH GENERAL AND LIMITED PARTNERSHIPS |
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Subchapter A. PARTNERSHIP INTERESTS |
Sec. 154.001. NATURE OF PARTNER'S PARTNERSHIP INTEREST
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(a) A partner's partnership interest is personal property for all purposes.
(b) A partner's partnership interest may be community property under applicable law.
(c) A partner is not a co-owner of partnership property.
(d) Sections 9.406 and 9.408, Business & Commerce Code, do not apply to a partnership interest in a partnership, including the rights, powers, and interests arising under the governing documents of the partnership or under this code. To the extent of any conflict between this subsection and Section 9.406 or 9.408, Business & Commerce Code, this subsection controls. It is the express intent of this subsection to permit the enforcement, as a contract among the partners of a partnership, of any provision of a partnership agreement that would otherwise be ineffective under Section 9.406 or 9.408, Business & Commerce Code.