Tex. Bus. Org. Code § 153.109

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

Section 153.109 - Liability of Erroneous Contributor

Regardless of whether Sections 153.106, 153.107, and 153.108 apply, a person who makes a contribution in the circumstances described by Section 153.106 is liable as a general partner to a third party who transacts business with the partnership before an action taken under Section 153.106 if:

(1) the contributor has knowledge or notice that no certificate has been filed or that the certificate inaccurately referred to the contributor as a general partner; and

(2) the third party reasonably believed, based on the contributor's conduct, that the contributor was a general partner at the time of the transaction and extended credit to the partnership in reasonable reliance on the credit of the contributor.

Tex. Bus. Org. Code § 153.109

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