Section 152.602 - Redemption Price(a) Except as provided by Subsection (b), the redemption price of a withdrawn partner's partnership interest is the fair value of the interest on the date of withdrawal.(b) The redemption price of the partnership interest of a partner who wrongfully withdraws before the expiration of the partnership's period of duration, the completion of a particular undertaking, or the occurrence of a specified event requiring a winding up of partnership business is the lesser of: (1) the fair value of the withdrawn partner's partnership interest on the date of withdrawal; or(2) the amount that the withdrawn partner would have received if an event requiring a winding up of partnership business had occurred at the time of the partner's withdrawal.(c) Interest is payable on the amount owed under this section.Tex. Bus. Org. Code § 152.602
Amended by Acts 2007, 80th Leg., R.S., Ch. 688, Sec. 109, eff. 9/1/2007. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.