Texas Business Organizations Code 11.353 – Discharge of Liability of Person Responsible for Liquidation
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Terms Used In Texas Business Organizations Code 11.353
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Entity: means a domestic entity or foreign entity. See Texas Business Organizations Code 1.002
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
A person responsible for the distribution in liquidation of a filing entity‘s assets will be released and discharged from further liability with respect to money received from the liquidation when the person deposits the money with the comptroller under § 11.352.