Texas Business Organizations Code 21.216 – Liability Regarding Joint Ownership of Shares
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Business Organizations Code 21.216
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- written: means an expression of words, letters, characters, numbers, symbols, figures, or other textual information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in a perceivable form. See Texas Business Organizations Code 1.002
A corporation that transfers shares or makes a distribution to a surviving joint owner under § 21.214 before the corporation has received a written claim for the shares or distribution from another person is discharged from liability for the transfer or payment.