11.353 – DISCHARGE OF LIABILITY OF PERSON RESPONSIBLE FOR
Texas Business Organizations Code § 11.353
Summary
This law provides that individuals responsible for distributing a filing entity's assets during liquidation can be released from further liability if they properly deposit the funds with the comptroller. This protects those individuals from future claims related to the distributed assets once the deposit is made.
Discharges liability for asset distribution in liquidation.
Requires proper deposit of funds with the comptroller.
Protects individuals from future claims after deposit.
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In simple terms: Learn about Texas's DISCHARGE OF LIABILITY OF PERSON RESPONSIBLE FOR 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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