Texas § BO.153.504 - DISPOSITION OF ASSETS
Full text of Texas The Texas Constitution § BO.153.504 — DISPOSITION OF ASSETS, with citation guidance and answers to common questions.
§ BO.153.504. DISPOSITION OF ASSETS
DISPOSITION OF ASSETS. On the winding up of a limited partnership, its assets shall be paid or transferred as follows: (1) to the extent otherwise permitted by law, to creditors, including partners who are creditors other than solely because of the application of Section 153.207 , for the payment or the making of reasonable provision for payment to satisfy the liabilities of the limited partnership; (2) unless otherwise provided by the partnership agreement, to partners and former partners to satisfy the partnership's liability for distributions under Section 153.111 or 153.209 ; and (3) unless otherwise provided by the partnership agreement, to partners first for the return of their capital and second with respect to their partnership interests, in the proportions provided by Sections 153.208 (a) and (b). Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748 ), Sec. 55, eff. September 1, 2011.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.153.504
What does The Texas Constitution § BO.153.504 cover?
Section BO.153.504 ("DISPOSITION OF ASSETS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.153.504?
A common citation format is "The Texas Constitution § BO.153.504" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.153.504 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.