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