Sec. 10.254. DISPOSITION OF PROPERTY NOT A MERGER OR CONVERSION; LIABILITY. (a) A disposition of all or part of the property of a domestic entity, regardless of whether the disposition requires the approval of the entity's owners or members, is not a merger or conversion for any purpose.
(b) Except as otherwise expressly provided by another statute, a person acquiring property described by this section may not be held responsible or liable for a liability or obligation of the transferring domestic entity that is not expressly assumed by the person.
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. 55, eff. September 1, 2007.
Structure Texas Statutes
Chapter 10 - Mergers, Interest Exchanges, Conversions, and Sales of Assets
Subchapter F. Property Transfers and Dispositions
Section 10.251. General Power of Domestic Entity to Sell, Lease, or Convey Property
Section 10.252. No Approval Required for Certain Dispositions of Property
Section 10.253. Recording Instrument Conveying Real Property of Domestic Entity
Section 10.254. Disposition of Property Not a Merger or Conversion; Liability