11.053 – PROPERTY APPLIED TO DISCHARGE LIABILITIES AND
Texas Business Organizations Code § 11.053
Summary
This law outlines the requirements for a domestic entity in Texas that is winding up its affairs. It mandates that the entity must use its property to settle all liabilities and obligations before distributing any remaining assets.
Entities must discharge all liabilities during winding up.
Property must be applied to meet obligations first.
Distribution of remaining assets occurs only after liabilities are settled.
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In simple terms: Learn about Texas's PROPERTY APPLIED TO DISCHARGE LIABILITIES AND law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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