Texas Business Organizations Code - Section 200.158. Joint Ownership Of Shares
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Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 200.158. Joint Ownership Of Shares
§ 200.158. JOINT OWNERSHIP OF SHARES. (a) If shares are
registered on the books of a real estate investment trust in the
names of two or more persons as joint owners with the right of
survivorship and one of the owners dies, the real estate investment
trust may record on its books and effect the transfer of the shares
to a person, including the surviving joint owner, and pay any
distributions made with respect to the shares, as if the surviving
joint owner was the sole owner of the shares. The recording and
distribution authorized by this subsection must be made after the
death of a joint owner and before the real estate investment trust
receives actual written notice that a party other than a surviving
joint owner is claiming an interest in the shares or distribution.
(b) The discharge of a real estate investment trust from
liability under Section 200.160 and the transfer of full legal and
equitable title of the shares does not affect, reduce, or limit any
cause of action existing in favor of an owner of an interest in the
shares or distribution against the surviving owner.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 200.151 200.152 200.153 200.154 200.155 200.156 200.157 200.158 200.159 200.160 200.161 200.162 200.163 200.164 200.201
Last modified: August 11, 2007
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