Texas Business Organizations Code - Section 21.214. Joint Ownership Of Shares
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§ 21.214. JOINT OWNERSHIP OF SHARES. (a) If shares are
registered on the books of a corporation in the names of two or more
persons as joint owners with the right of survivorship and one of
the owners dies, the corporation 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 absolute 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 corporation 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 corporation from liability under
Section 21.216 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
distributions against the surviving owner.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 21.207 21.208 21.209 21.210 21.211 21.212 21.213 21.214 21.215 21.216 21.217 21.218 21.219 21.220 21.221
Last modified: August 11, 2007
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