Texas Business Organizations Code

§ 11.356 — LIMITED SURVIVAL AFTER TERMINATION

BO § 11.356Title 1. GENERAL PROVISIONS · Ch. 11. WINDING UP AND TERMINATION OF DOMESTIC ENTITY · Art. H. CLAIMS RESOLUTION ON TERMINATION

Statute text

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(a)Notwithstanding the termination of a domestic filing entity under this code or the Tax Code, the terminated filing entity continues in existence until the third anniversary of the effective date of the entity's termination only for purposes of:

(1)prosecuting or defending in the terminated filing entity's name an action or proceeding brought by or against the terminated entity;

(2)permitting the survival of an existing claim by or against the terminated filing entity;

(3)holding title to and liquidating property that remained with the terminated filing entity at the time of termination or property that is collected by the terminated filing entity after termination;

(4)applying or distributing property, or its proceeds, as provided by Section 11.053; and

(5)settling affairs not completed before termination.

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Legislative history

Acts 2023, 88th Leg., R.S., Ch. 27 (S.B. 1514), Sec. 19, eff. September 1, 2023.