The liability of a holder, beneficial owner, or subscriber of shares of a corporation, or any affiliate of such a holder, owner, or subscriber or of the corporation, for an obligation that is limited by Section 21.223 is exclusive and preempts any other liability imposed for that obligation under common law or otherwise.
Tex. Bus. Orgs. Code § 21.224
PREEMPTION OF LIABILITY
Applied in 1 court decision — leading case Husky International Electronics, Inc. v. Ritz (2014)
Most recently applied in Husky International Electronics, Inc. v. Ritz (July 2014)
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.