Texas Business and Commerce Code 17.555 – Indemnity
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Terms Used In Texas Business and Commerce Code 17.555
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Consumer: means an individual, partnership, corporation, this state, or a subdivision or agency of this state who seeks or acquires by purchase or lease, any goods or services, except that the term does not include a business consumer that has assets of $25 million or more, or that is owned or controlled by a corporation or entity with assets of $25 million or more. See Texas Business and Commerce Code 17.45
- Person: means an individual, partnership, corporation, association, or other group, however organized. See Texas Business and Commerce Code 17.45
- Statute: A law passed by a legislature.
A person against whom an action has been brought under this subchapter may seek contribution or indemnity from one who, under the statute law or at common law, may have liability for the damaging event of which the consumer complains. A person seeking indemnity as provided by this section may recover all sums that he is required to pay as a result of the action, his attorney’s fees reasonable in relation to the amount of work performed in maintaining his action for indemnity, and his costs.