Texas § BO.152.503 - WRONGFUL WITHDRAWAL
Full text of Texas The Texas Constitution § BO.152.503 — WRONGFUL WITHDRAWAL, with citation guidance and answers to common questions.
§ BO.152.503. WRONGFUL WITHDRAWAL
WRONGFUL WITHDRAWAL; LIABILITY. (a) At any time before the occurrence of an event requiring a winding up of partnership business, a partner may withdraw from the partnership and cease to be a partner as provided by Section 152.501 . (b) A partner's withdrawal is wrongful only if: (1) the withdrawal breaches an express provision of the partnership agreement; (2) in the case of a partnership that has a period of duration, is for a particular undertaking, or is required under its partnership agreement to wind up the partnership on occurrence of a specified event, before the expiration of the period of duration, the completion of the undertaking, or the occurrence of the event, as appropriate: (A) the partner withdraws by express will; (B) the partner withdraws by becoming a debtor in bankruptcy; or (C) in the case of a partner that is not an individual, a trust other than a business trust, or an estate, the partner is expelled or otherwise withdraws because the partner wilfully dissolved or terminated; or (3) the partner is expelled by judicial decree under Section 152.501 (b)(5). (c) In addition to other liability of the partner to the partnership or to the other partners, a wrongfully withdrawing partner is liable to the partnership and to the other partners for damages caused by the withdrawal. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by: Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737 ), Sec. 108, eff. September 1, 2007.
Frequently Asked Questions About Texas § BO.152.503
What does The Texas Constitution § BO.152.503 cover?
Section BO.152.503 ("WRONGFUL WITHDRAWAL") 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.152.503?
A common citation format is "The Texas Constitution § BO.152.503" (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.152.503 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.