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Texas Business & Commerce Code

§ 51.102 — ACTION AGAINST BOND, TRUST ACCOUNT, OR LETTER OF CREDIT

BC § 51.102Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS · Ch. 51. BUSINESS OPPORTUNITIES · Art. C. BOND, TRUST ACCOUNT, OR LETTER OF CREDIT

Statute text

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(a)A person may bring an action against the bond, trust account, or irrevocable letter of credit obtained or established under Section 51.101 to recover actual damages for:
(1)a violation of this chapter; or
(2)the seller's breach of:
(A)the business opportunity contract; or
(B)an obligation arising from a business opportunity sale.
(b)The aggregate liability of the surety, trustee, or issuer in an action under Subsection (a) may not exceed the amount of the bond, trust account, or irrevocable letter of credit. Amended by:

Legislative history

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

Source: Texas Business & Commerce Code § 51.102 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.