Sec. 200.164. PLEDGEES AND TRUST ADMINISTRATORS. (a) A pledgee or other holder of shares as collateral security is not personally liable as a shareholder.
(b) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver is not personally liable as a holder of or subscriber to shares of a real estate investment trust.
(c) The estate and funds administered by an executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver are liable for the full amount of the consideration for which the shares were or are to be issued.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Title 5 - Real Estate Investment Trusts
Chapter 200 - Real Estate Investment Trusts
Subchapter D. Shareholder Rights and Restrictions
Section 200.151. Registered Holders as Owners
Section 200.153. Characterization and Transfer of Shares and Other Securities
Section 200.154. Restriction on Transfer of Shares and Other Securities
Section 200.155. Valid Restriction on Transfer
Section 200.156. Bylaw or Agreement Restricting Transfer of Shares or Other Securities
Section 200.157. Enforceability of Restriction on Transfer of Certain Securities
Section 200.158. Joint Ownership of Shares
Section 200.159. Liability for Designating Owner of Shares
Section 200.160. Liability Regarding Joint Ownership of Shares
Section 200.161. Limitation of Liability for Obligations
Section 200.162. Preemption of Liability