Texas Statutes
Subchapter H. Records and Reports
Section 22.362. Effect of Forfeiture

Sec. 22.362. EFFECT OF FORFEITURE. (a) Unless the right of the corporation to conduct affairs in this state is revived under Section 22.363:
(1) the corporation may not maintain an action, suit, or proceeding in a court of this state; and
(2) a successor or assignee of the corporation may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the conduct of affairs by the corporation in this state.
(b) This section does not affect the right of an assignee of the corporation as:
(1) the holder in due course of a negotiable promissory note, check, or bill of exchange; or
(2) the bona fide purchaser for value of a warehouse receipt, stock certificate, or other instrument negotiable by law.
(c) The forfeiture of the right to conduct affairs in this state does not:
(1) impair the validity of a contract or act of the corporation; or
(2) prevent the corporation from defending an action, suit, or proceeding in a court of this state.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

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