GroundRules
Tex. Business Organizations Code § 10.254: DISPOSITION OF PROPERTY NOT A MERGER OR CONVERSION; LIABILITY.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 1. GENERAL PROVISIONS
- CHAPTER 10. MERGERS, INTEREST EXCHANGES, CONVERSIONS, AND SALES OF ASSETS
- SUBCHAPTER F. PROPERTY TRANSFERS AND DISPOSITIONS
(a) A disposition of all or part of the property of a domestic entity, regardless of whether the disposition requires the approval of the entity's owners or members, is not a merger or conversion for any purpose.
(b) Except as otherwise expressly provided by another statute, a person acquiring property described by this section may not be held responsible or liable for a liability or obligation of the transferring domestic entity that is not expressly assumed by the person.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 55, eff. September 1, 2007.
Collected 2026-08-27T01:46:58Z. Source file · JSON