Sec. 271.053. CERTIFICATES AS DEBT AND SECURITY. Certificates are debts of the issuer within the meaning of Article XI, Sections 5 and 7 , of the Texas Constitution. When delivered, certificates are "security" within the meaning of Chapter 8 , Business & Commerce Code, and are general obligations of the issuer within the meaning of Subchapters A and D, Chapter 1207 , Government Code.
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