No shareowner of a real estate investment trust shall be personally liable as such for any liabilities, debts or obligations of, or claims against, the real estate investment trust, whether arising before or after such shareowner became the owner or holder of the shares thereof.

(Repealed and added by Stats. 1976, Ch. 650.)

Terms Used In California Corporations Code 23001

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Real estate investment trust: as used in this part means any unincorporated association or trust formed to engage in business and managed by, or under the direction of, one or more trustees for the benefit of the holders or owners (hereinafter in this part "shareowners") of transferable shares of beneficial interest in the trust estate (hereinafter in this part "shares") and that meets one of the following two tests:

    California Corporations Code 23000

  Previous section
Next section  
 Part 4 Contents