Texas § 183.203 CONTRACTING FOR DEBT OR OBLIGATION.

Texas Statutes

§ 183.203 — CONTRACTING FOR DEBT OR OBLIGATION.

Texas § 183.203

Code FIFinance Code

This text of Texas § 183.203 (CONTRACTING FOR DEBT OR OBLIGATION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Finance Code Code Ann. § 183.203 (2026).

Text

Sec. 183.203. CONTRACTING FOR DEBT OR OBLIGATION. Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted for or incurred on behalf of a limited trust association only by:

(1)a majority of the managers, if management of the limited trust association has been vested in a board of managers;

(2)a majority of the managing participants; or

(3)an officer or other agent vested with actual or apparent authority to contract for or incur the debt, liability, or other obligation.

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Sec. 183.203. CONTRACTING FOR DEBT OR OBLIGATION. Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted for or incurred on behalf of a limited trust association only by:
(1) a majority of the managers, if management of the limited trust association has been vested in a board of managers;
(2) a majority of the managing participants; or
(3) an officer or other agent vested with actual or apparent authority to contract for or incur the debt, liability, or other obligation.

Legislative History

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804 ), Sec. 27, eff. June 14, 2013.