Tex. Est. Code Section 1151.154
Administration of Partnership Interest

(a)

This section applies only to a general partnership governed by a partnership agreement or articles of partnership that provide that, on the incapacity of a partner, the guardian of the estate of the partner is entitled to the place of the incapacitated partner in the partnership.

(b)

If a ward was a partner in a general partnership, the guardian who contracts to come into the partnership is, to the extent allowed by law, liable to a third person only to the extent of:

(1)

the incapacitated partner’s capital in the partnership; and

(2)

the assets of the incapacitated partner’s estate that are held by the guardian.

(c)

This section does not exonerate a guardian from liability for the guardian’s negligence.
Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.02, eff. January 1, 2014.

Source: Section 1151.154 — Administration of Partnership Interest, https://statutes.­capitol.­texas.­gov/Docs/ES/htm/ES.­1151.­htm#1151.­154 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 1151.154’s source at texas​.gov