Texas Business Organizations Code 21.225 – Exceptions to Limitations
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Terms Used In Texas Business Organizations Code 21.225
- Affiliate: means a person who controls, is controlled by, or is under common control with another person. See Texas Business Organizations Code 1.002
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Statute: A law passed by a legislature.
- Subscriber: means a person who agrees with or makes an offer to an entity to purchase by subscription an ownership interest in the entity. See Texas Business Organizations Code 1.002
§ 21.223 or 21.224 does not limit the obligation of a holder, beneficial owner, subscriber, or affiliate to the obligee of the corporation if that person:
(1) expressly assumes, guarantees, or agrees to be personally liable to the obligee for the obligation; or
(2) is otherwise liable to the obligee for the obligation under this code or other applicable statute.