Sec. 1205.023. PROCEEDING IN REM; CLASS ACTION. An action under this chapter is:
(1) a proceeding in rem; and
(2) a class action binding on all persons who:
(A) reside in the territory of the issuer;
(B) own property located within the boundaries of the issuer;
(C) are taxpayers of the issuer; or
(D) have or claim a right, title, or interest in any property or money to be affected by the public security authorization or the issuance of the public securities.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 3, eff. Sept. 1, 1999.
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