253.001 – DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS. The
Texas Business and Commerce Code § 253.001
Summary
This law allows the holder of a protested out-of-state draft to claim damages if certain conditions are met. Specifically, it applies when the draft is drawn by a Texas merchant on an agent outside the state, and the liability of the drawer or indorser has been established.
Holders can claim 10% damages plus interest and costs.
Applies to drafts drawn by Texas merchants on out-of-state agents.
Liability of the drawer or indorser must be fixed.
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In simple terms: Learn about Texas's DAMAGES ON PROTESTED OUT-OF-STATE DRAFTS. The 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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