Tex. Fin. Code § 183.203

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Fin. Code § 183.203

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 575,Sec. 27, eff. 6/14/2013.

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. 9/1/1999.