Sec. 64.003. ACTION TO ENFORCE REDEMPTION; PENALTY. (a) A holder who under Section 64.002 presents an employer's evidence of indebtedness and demands redemption is entitled, if the person using the employer's evidence of indebtedness refuses redemption, to recover from that person:
(1) the value of the employer's evidence of indebtedness;
(2) a penalty in an amount equal to 25 percent of the amount due; and
(3) costs of court and reasonable attorney's fees.
(b) The holder may bring an action under Subsection (a) in the holder's own name.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 9.18(a), eff. Sept. 1, 1995.
Section: Previous 64.001 64.002Last modified: September 28, 2016