Tex. Bus. & Com. Code § 51.102

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 51.102 - 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 51.101 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 an action under Subsection (a) may not exceed the amount of the bond, trust account, or irrevocable letter of credit.

Tex. Bus. and Comm. Code § 51.102

Amended By Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 2.01, eff. 4/1/2009.