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Texas Business Organizations Code - Section 10.364. Objection To Appraisal; Hearing

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 10.364. Objection To Appraisal; Hearing

§ 10.364. OBJECTION TO APPRAISAL;  HEARING.  (a) A 
dissenting owner or responsible organization may object, based on 
the law or the facts, to all or part of an appraisal report 
containing the fair value of an ownership interest determined under 
Section 10.363(b).
	(b)  If an objection to a report is raised under Subsection 
(a), the court shall hold a hearing to determine the fair value of 
the ownership interest that is the subject of the report.  After the 
hearing, the court shall require the responsible organization to 
pay to the holders of the ownership interest the amount of the 
determined value with interest, accruing from the 91st day after 
the date the applicable action for which the owner elected to 
dissent was effected until the date of the judgment.
	(c)  Interest under Subsection (b) accrues at the same rate 
as is provided for the accrual of prejudgment interest in civil 
cases.
	(d)  The responsible organization shall:                                       
		(1)  immediately pay the amount of the judgment to a 
holder of an uncertificated ownership interest;  and
		(2)  pay the amount of the judgment to a holder of a 
certificated ownership interest immediately after the certificate 
holder surrenders to the responsible organization an endorsed 
certificate representing the ownership interest.
	(e)  On payment of the judgment, the dissenting owner does 
not have an interest in the:
		(1)  ownership interest for which the payment is made;  
or                  
		(2)  responsible organization with respect to that 
ownership interest.      

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

Last modified: August 11, 2007