Texas Business Organizations Code 21.461 – Pledge, Mortgage, Deed of Trust, or Trust Indenture
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Terms Used In Texas Business Organizations Code 21.461
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Except as provided by the corporation‘s certificate of formation:
(1) the board of directors of a corporation may authorize a pledge, mortgage, deed of trust, or trust indenture; and
(2) an authorization or consent of shareholders is not required for the validity of the transaction or for any sale under the terms of the transaction.