Tex. Bus. Org. Code § 152.303

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 152.303 - Liability of Partnership for Conduct of Partner

(a) A partnership is liable for loss or injury to a person, including a partner, or for a penalty caused by or incurred as a result of a wrongful act or omission or other actionable conduct of a partner acting:

(1) in the ordinary course of business of the partnership; or

(2) with the authority of the partnership.

(b) A partnership is liable for the loss of money or property of a person who is not a partner that is:

(1) received in the course of the partnership's business; and

(2) misapplied by a partner while in the custody of the partnership.

Tex. Bus. Org. Code § 152.303

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