CHAPTER 253. PROTESTED OUT-OF-STATE DRAFTS - Texas Statutes

BUSINESS AND COMMERCE CODE

TITLE 7. RECEIPTS, DOCUMENTS OF TITLE, AND OTHER INSTRUMENTS

CHAPTER 253. PROTESTED OUT-OF-STATE DRAFTS

Sec. 253.001. DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS. 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.

Added by Acts 2007, 80th Leg., R.S., Ch.

885, Sec. 2.01, eff. April 1, 2009.