Texas Business & Commerce Code - Section 41.102. Action Against Bond, Trust Account, Or Letter Of Credit
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 41.102. Action Against Bond, Trust Account, Or Letter Of Credit
§ 41.102. ACTION AGAINST BOND, TRUST ACCOUNT, OR LETTER OF
CREDIT. (a) A person may bring an action against the bond, trust
account, or irrevocable letter of credit obtained or established
under Section 41.101 to recover actual damages for:
(1) a violation of this chapter; or
(2) the seller's breach of:
(A) the business opportunity contract; or
(B) an obligation arising from a business
opportunity sale.
(b) The aggregate liability of the surety, trustee, or
issuer in actions under Subsection (a) may not exceed the amount of
the bond, trust account, or irrevocable letter of credit.
Added by Acts 1997, 75th Leg., ch. 1008, § 5, eff. Sept. 1, 1997.
Section: 41.008 41.009 41.051 41.052 41.053 41.054 41.101 41.102 41.151 41.152 41.153 41.154 41.155 41.156 41.157
Last modified: August 10, 2007
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