Texas Government Code 81.016 – Property
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(a) The state bar may acquire by gift, bequest, devise, or other manner any interest in real or personal property.
(b) The state bar may acquire, hold, lease, encumber, and dispose of real and personal property in the exercise of its powers and the performance of its duties under this chapter.
Terms Used In Texas Government Code 81.016
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: All property that is not real property.
- Property: means real and personal property. See Texas Government Code 311.005
(c) The property of the state bar is held by the state bar for the purposes set out in § 81.012. If the state bar ceases to exist as a legal entity for any reason, all property of the state bar shall be held in trust by the supreme court for the attorneys of this state.