Texas Business and Commerce Code 253.001 – Damages On Protested Out-of-State Drafts
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Terms Used In Texas Business and Commerce Code 253.001
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
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.