Sec. 153.309. EFFECT OF FORFEITURE OF RIGHT TO TRANSACT BUSINESS. (a) Unless the right of the limited partnership to transact business is revived in accordance with Section 153.310 : (1) the limited partnership may not maintain an action, suit, or proceeding in a court of this state; and (2) a successor or assignee of the limited partnership may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the transaction of business by the limited partnership in this state. (b) The forfeiture of the right to transact business in this state does not: (1) impair the validity of a contract or act of the limited partnership; or (2) prevent the limited partnership from defending an action, suit, or proceeding in a court of this state. (c) This section and Sections 153.307 and 153.308 do not affect the liability of a limited partner.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.