Tex. Fin. Code Section 183.201
Liability of Participants and Managers

(a)

Except as provided by Subsection (b), a participant, participant-transferee, or manager of a limited trust association is not liable for a debt, obligation, or liability of the limited trust association, including a debt, obligation, or liability under a judgment, decree, or order of court. A participant, other than a full liability participant, or a manager of a limited trust association is not a proper party to a proceeding by or against a limited trust association unless the object of the proceeding is to enforce the participant’s or manager’s right against or liability to a limited trust association.

(b)

A full liability participant of a limited trust association is liable under a judgment, decree, or order of court for a debt, obligation, or liability of the limited trust association that accrued during the participation of the full liability participant in the limited trust association and before the full liability participant or a successor in interest filed with the banking commissioner a notice of withdrawal as a full liability participant from the limited trust association. The filed notice of withdrawal is a public record.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.16(a), eff. Sept. 1, 1999.

Source: Section 183.201 — Liability of Participants and Managers, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­183.­htm#183.­201 (accessed May 4, 2024).

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Accessed:
May 4, 2024

§ 183.201’s source at texas​.gov