Sec. 200.203. PRIORITY OF DISTRIBUTIONS. A real estate investment trust's indebtedness that arises as a result of the declaration of a distribution and a real estate investment trust's indebtedness issued in a distribution are at parity with the real estate investment trust's indebtedness to its general, unsecured creditors, except to the extent the indebtedness is subordinated, or payment of that indebtedness is secured, by agreement.
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 E. Distributions and Share Dividends
Section 200.201. Authority for Distributions
Section 200.202. Limitations on Distributions
Section 200.203. Priority of Distributions
Section 200.204. Reserves, Designations, and Allocations From Surplus
Section 200.205. Authority for Share Dividends
Section 200.206. Limitations on Share Dividends
Section 200.207. Value of Shares Issued as Share Dividends
Section 200.208. Transfer of Surplus for Share Dividends
Section 200.209. Determination of Solvency, Net Assets, Stated Capital, and Surplus