Texas Business & Commerce Code

§ 24.002 — DEFINITIONS

BC § 24.002Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD · Ch. 24. UNIFORM FRAUDULENT TRANSFER ACT

Statute text

In this chapter:

(1)"Affiliate" means:

(A)a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

(i)as a fiduciary or agent without sole discretionary power to vote the securities; or

(ii)solely to secure a debt, if the person has not exercised the power to vote;

(B)a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

…

Legislative history

Acts 2015, 84th Leg., R.S., Ch. 562 (H.B. 2428), Sec. 1, eff. September 1, 2015.