Texas Finance Code 92.602 – Liability of Members and Managers
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 92.602
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A member, transferee of a member, or manager of a limited savings bank is not liable for a debt, obligation, or liability of the limited savings bank, including a debt, obligation, or liability under a judgment, decree, or order of a court. A member or a manager of a limited savings bank is not a proper party to a proceeding by or against a limited savings bank unless the object of the proceeding is to enforce a member’s or manager’s right against or liability to a limited savings bank.