Texas Business Organizations Code - Section 10.251. General Power Of Domestic Entity To Sell, Lease, Or Convey Property
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 10.251. General Power Of Domestic Entity To Sell, Lease, Or Convey Property
§ 10.251. GENERAL POWER OF DOMESTIC ENTITY TO SELL, LEASE,
OR CONVEY PROPERTY. (a) Subject to any approval required by this
code or the governing documents of the domestic entity, a domestic
entity may transfer and convey by sale, lease, assignment, or
another method an interest in property of the entity, including
real property. The transfer and conveyance may:
(1) be made with or without the goodwill of the entity;
(2) be made on any terms and conditions and for any
consideration, which may consist wholly or partly of money or other
property, including an ownership interest in a domestic entity or
non-code organization; and
(3) be evidenced by a deed, assignment, or other
instrument of transfer or conveyance, with or without the seal of
the entity.
(b) Subject to any approval required by this code or the
governing documents of the domestic entity, a domestic entity may
grant a pledge, mortgage, deed of trust, or trust indenture with
respect to an interest in property of the entity, including real
property, with or without the seal of the entity.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 10.153 10.154 10.155 10.156 10.201 10.202 10.203 10.251 10.252 10.253 10.254 10.301 10.302 10.303 10.304
Last modified: August 11, 2007
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