Law:Title 7. Receipts, Documents Of Title, And Other Instruments from Chapter 253. Protested Out-of-state Drafts (Texas)

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Chapter 253. Protested Out-of-state Drafts

Section 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.

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