Tex. Business Organizations Code § 12.257
This is the official text of Tex. Business Organizations Code § 12.257, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 12.257. DISMISSAL OF ACTION.
Official statutory text
(a) A suit authorized by Section 12.253 or 12.258 may not be filed or, if filed, shall be dismissed if the entity, through its owners or members, reduces its indebtedness so that it is not insolvent.
(b) The respondent shall pay the costs of a dismissed suit under this section.
(b) The respondent shall pay the costs of a dismissed suit under this section.
Status: in_force · Read it on the official government site
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