Sec. 82.115. ASSOCIATION AS TRUSTEE. A third person dealing with an association in the association's capacity as a trustee may assume without inquiry the existence of trust powers and their proper exercise by the association. A third person who lacks actual knowledge that an association is exceeding or improperly exercising its powers is fully protected in dealing with the association as if the association possessed and properly exercised the powers it purports to exercise. A third person is not bound to ensure the proper application of trust assets paid or delivered to an association in its capacity as trustee.
Added by Acts 1993, 73rd Leg., ch. 244, Sec. 1, eff. Jan. 1, 1994.
Structure Texas Statutes
Chapter 82 - Uniform Condominium Act
Subchapter C. Condominium Management
Section 82.101. Organization of Unit Owners' Association
Section 82.102. Powers of Unit Owners' Association
Section 82.103. Board Members and Officers
Section 82.104. Transfer of Special Declarant Rights
Section 82.105. Termination of Contracts and Leases of Declarant
Section 82.107. Upkeep of Condominium
Section 82.110. Voting and Proxies
Section 82.112. Assessments for Common Expenses
Section 82.113. Association's Lien for Assessments
Section 82.114. Association Records
Section 82.1141. Access to Association Records
Section 82.115. Association as Trustee
Section 82.116. Management Certificate
Section 82.117. Obligations of Unit Owners
Section 82.120. Binding Arbitration for Certain Claims
Section 82.121. Possession of Firearm or Firearm Ammunition on Condominium Property