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Texas Business Organizations Code

§ 200.203 — PRIORITY OF DISTRIBUTIONS

BO § 200.203Title 5. REAL ESTATE INVESTMENT TRUSTS · Ch. 200. REAL ESTATE INVESTMENT TRUSTS · Art. E. DISTRIBUTIONS AND SHARE DIVIDENDS

Statute text

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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.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 200.203 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.