Tex. Business & Commerce Code § 253.001
This is the official text of Tex. Business & Commerce Code § 253.001, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
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§ 253.001. DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS.
Official statutory 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.
(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.
Status: in_force · Read it on the official government site
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