Texas Business Organizations Code 21.557 – Tolling of Statute of Limitations
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Terms Used In Texas Business Organizations Code 21.557
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- written: means an expression of words, letters, characters, numbers, symbols, figures, or other textual information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in a perceivable form. See Texas Business Organizations Code 1.002
A written demand filed with the corporation under § 21.553 tolls the statute of limitations on the claim on which demand is made until the later of:
(1) the 31st day after the expiration of any waiting period under § 21.553; or
(2) the 31st day after the expiration of any stay granted under § 21.555, including all continuations of the stay.