Past Essay Flash Cards
Feb. 2010 Essay #4–Real Property
Remember that one cannot be a bona fide purchases if they receive land via a quitclaim deed.
Feb. 2012 Essay #3–Corporations
Corporations are authorized to make loans to officers when doing so benefits the corporation. A provision in the articles of incorporation allowing such an action is valid.
A Texas corporation may identify former officers for civil liability for acts/omissions arising out of their capacity as an officer, other than for willful or gross negligence. Such indemnity must be approved by the board. The indemnification can cover reasonable attorneys’ fees and costs incurred in defense and judgment against the officer, including advanced payment of fees.
A Texas corporation must indemnify an officer that is sued because of acts/omissions in its capacity as an officer if the officer is reasonably successful. The BOD must approve the indemnification.
Feb. 2012 Essay #5–Real Property
Under Texas law, a life tenant is responsible for paying taxes and interest on the property.
