Sec. 183.203. CONTRACTING FOR DEBT OR OBLIGATION. Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted for or incurred on behalf of a limited trust association only by:
(1) a majority of the managers, if management of the limited trust association has been vested in a board of managers;
(2) a majority of the managing participants; or
(3) an officer or other agent vested with actual or apparent authority to contract for or incur the debt, liability, or other obligation.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 27, eff. June 14, 2013.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 183 - Ownership and Management of State Trust Company
Subchapter C. Limited Trust Association
Section 183.201. Liability of Participants and Managers
Section 183.202. Filing of Notice of Full Liability
Section 183.203. Contracting for Debt or Obligation
Section 183.204. Management of Limited Trust Association
Section 183.205. Withdrawal or Reduction of Participant's Contribution to Capital
Section 183.206. Interest in Limited Trust Association; Transferability of Interest
Section 183.207. Bylaws of Limited Trust Association
Section 183.209. Allocation of Profits and Losses
Section 183.210. Distributions
Section 183.211. Application of Other Provisions to Limited Trust Associations