81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84 Page: 48 of 64
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S.B. No. 1442
2 SECTION 52. Section 153.210, Business Organizations Code,
3 is amended to read as follows:
4 Secl 1;53.210. LIMITATION ON DISTRIBUTION. (a) Unless the
5 distribution is made in compliance with Chapter 11, a [A) limited
6 partnership may not make a distribution to a partner if,
7 immedi tely after giving effect to the distribution and despite any
8 compromise of a claim referred to by Sections 153.203 and 153.204,
9 all liabilities of the limited partnership, other than liabilities
10 to partners with respect to their partnership interests and
11 liabilities for which the recourse of creditors is limited to
12 specified property of the limited partnership, exceed the fair
13 value of the partnership assets. The fair value of property that is
14 subject to a liability for which recourse of creditors is limited
15 shall be included in the partnership assets for purposes of this
16 subsection only to the extent that the fair value of that property
17 exceeds that liability.
18 (b) For purposes of this section, "distribution" does not
19 include an amount constituting reasonable compensation for present
20 or past services or a reasonable payment made in the ordinary course
21 of business under a bona fide retirement plan or other benefits
23 SECTION 53. Subsection (c), Section 153.256, Business
24 Organizations Code, is amended to read as follows:
25 (c) A charging order constitutes a lien on the judgment
26 debtor's partnership interest. The charging order lien may not be
27 foreclosed on under this code or any other law.
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Texas. Legislature. Senate. 81st Texas Legislature, Regular Session, Senate Bill 1442, Chapter 84, legislative document, May 20, 2009; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth310916/m1/48/: accessed August 21, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.