{"data":{"id":"us-tx/tex.-business-organizations-code-200.157","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 200.157","heading":"ENFORCEABILITY OF RESTRICTION ON TRANSFER OF CERTAIN SECURITIES.","body":"(a) A restriction placed on the transfer or registration of the transfer of a security of a real estate investment trust is specifically enforceable against the holder, or a successor or transferee of the holder, if:\n(1) the restriction is reasonable and noted conspicuously on the certificate or other instrument representing the security; or\n(2) with respect to an uncertificated security, the restriction is reasonable and a notation of the restriction is contained in the notice sent with respect to the security under Section 3.205.\n(b) Unless noted in the manner specified by Subsection (a) with respect to a certificate or other instrument or an uncertificated security, an otherwise enforceable restriction is ineffective against a transferee for value without actual knowledge of the restriction at the time of the transfer or against a subsequent transferee, regardless of whether the transfer is for value. A restriction is specifically enforceable against a person other than a transferee for value from the time the person acquires actual knowledge of the restriction's existence.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 5. REAL ESTATE INVESTMENT TRUSTS","CHAPTER 200. REAL ESTATE INVESTMENT TRUSTS","SUBCHAPTER D. SHAREHOLDER RIGHTS AND RESTRICTIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.200.htm#200.157","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"77f8add9ef007ba7bba79848b8f9bb31f499c33f43756afd7155da928d0020af","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-200.156","next":"us-tx/tex.-business-organizations-code-200.158"},"notice":"GroundRules: Original legal text. Not legal advice."}