Texas Business & Commerce Code

§ 253.001 — DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS

BC § 253.001Title 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS · Ch. 253. PROTESTED OUT-OF-STATE DRAFTS

Statute text

The holder of a protested draft is entitled to damages in an amount equal to 10 percent of the amount of the draft, plus interest and the costs of suit, if:

(1)the draft was drawn by a merchant in this state on the merchant's agent or factor outside this state; and

(2)the drawer's or indorser's liability on the draft has been fixed.

Legislative history

Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.