Texas Business Organizations Code 252.015 – Transition Concerning Real and Personal Property
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Terms Used In Texas Business Organizations Code 252.015
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Fiduciary: A trustee, executor, or administrator.
- Law: means , unless the context requires otherwise, both statutory and common law. See Texas Business Organizations Code 1.002
- Nonprofit association: means an association governed as a nonprofit association under Chapter 252. See Texas Business Organizations Code 1.002
- Personal property: All property that is not real property.
If, before September 1, 1995, an estate or interest in real or personal property was by the terms of the transfer purportedly transferred to a nonprofit association, but under the law the estate or interest was vested in a fiduciary such as officers of the nonprofit association to hold the estate or interest for members of the nonprofit association, on or after September 1, 1995, the fiduciary may transfer the estate or interest to the nonprofit association in its name, or the nonprofit association, by appropriate proceedings, may require that the estate or interest be transferred to it in its name.