Texas Finance Code - Section 33.201. Liability Of Participants And Managers
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Texas Lawyer > Finance Code > Texas Finance Code - Section 33.201. Liability Of Participants And Managers
§ 33.201. LIABILITY OF PARTICIPANTS AND MANAGERS. (a)
Except as provided by Subsection (b), a participant,
participant-transferee, or manager of a limited banking
association is not liable for a debt, obligation, or liability of
the limited banking association, including a debt, obligation, or
liability under a judgment, decree, or order of court. A
participant, other than a full liability participant, or a manager
of a limited banking association is not a proper party to a
proceeding by or against a limited banking association unless the
object of the proceeding is to enforce a participant's or manager's
right against or liability to a limited banking association.
(b) A full liability participant of a limited banking
association is liable under a judgment, decree, or order of court
for a debt, obligation, or liability of the limited banking
association that accrued during the participation of the full
liability participant in the limited banking association and before
the full liability participant or a successor in interest filed
with the banking commissioner a notice of withdrawal as a full
liability participant from the limited banking association. The
filed notice of withdrawal is a public record.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
Section: 33.103 33.104 33.105 33.106 33.107 33.108 33.109 33.201 33.202 33.203 33.204 33.205 33.206 33.207 33.208
Last modified: August 10, 2007
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