Sec. 251.007. FAILURE TO DISCLOSE LACK OF OWNERSHIP OF GOODS. (a) A person who obtains a negotiable warehouse receipt describing goods the person does not own may not, with intent to defraud, negotiate the receipt for value without disclosing the person's lack of ownership.
(b) A person who violates this section commits an offense. An offense under this section is a misdemeanor punishable by:
(1) confinement in the county jail for a term of not more than one year;
(2) a fine not to exceed $1,000; or
(3) both the fine and confinement.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.
Structure Texas Statutes
Title 7 - Receipts, Documents of Title, and Other Instruments
Chapter 251 - Warehouse Receipts
Section 251.002. Warehouseman Issuing Fraudulent Warehouse Receipt
Section 251.003. Warehouseman Failing to State Warehouseman's Ownership of Goods on Receipt
Section 251.004. Warehouseman Issuing Warehouse Receipt Without Control of Goods
Section 251.005. Warehouseman Issuing Duplicate or Additional Warehouse Receipt
Section 251.006. Warehouseman Wrongfully Delivering Goods
Section 251.007. Failure to Disclose Lack of Ownership of Goods
Section 251.008. Failure to Disclose Existence of Lien on Goods