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Texas Business Organizations Code - Section 200.203. Priority Of Distributions

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 200.203. Priority Of Distributions

§ 200.203. PRIORITY OF DISTRIBUTIONS.  A real estate 
investment trust's indebtedness that arises as a result of the 
declaration of a distribution and a real estate investment trust's 
indebtedness issued in a distribution are at parity with the real 
estate investment trust's indebtedness to its general, unsecured 
creditors, except to the extent the indebtedness is subordinated, 
or payment of that indebtedness is secured, by agreement.

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

Last modified: August 11, 2007