Texas Business Organizations Code 200.203 – Priority of Distributions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Business Organizations Code 200.203
- Real estate investment trust: means an entity governed as a real estate investment trust under Title 5. See Texas Business Organizations Code 1.002
A real estate investment trust‘s indebtedness that arises as a result of the declaration of a distribution and a real estate investment trust’s indebtedness issued in a distribution are at parity with the real estate investment trust’s indebtedness to its general, unsecured creditors, except to the extent the indebtedness is subordinated, or payment of that indebtedness is secured, by agreement.