251.008 – FAILURE TO DISCLOSE EXISTENCE OF LIEN ON GOODS.
Texas Business and Commerce Code § 251.008
Summary
This law prohibits individuals from negotiating a warehouse receipt for goods that are subject to a lien without disclosing the lien. It is aimed at preventing fraudulent activities related to the sale or transfer of goods that have outstanding claims against them.
Prohibits nondisclosure of liens on goods in warehouse receipts.
Intent to defraud is a key element of the offense.
Violators face misdemeanor charges and potential jail time.
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In simple terms: Learn about Texas's FAILURE TO DISCLOSE EXISTENCE OF LIEN ON GOODS. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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