Texas Finance Code 183.203 – Contracting for Debt or Obligation
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Terms Used In Texas Finance Code 183.203
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Except as provided by this section or the certificate of formation of the limited trust association, a debt, liability, or other obligation may be contracted for or incurred on behalf of a limited trust association only by:
(1) a majority of the managers, if management of the limited trust association has been vested in a board of managers;
(2) a majority of the managing participants; or
(3) an officer or other agent vested with actual or apparent authority to contract for or incur the debt, liability, or other obligation.