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Fraud is Now Legal in Texas (for Some People)
Contains material from Jun 2021
Fraud is Now Legal in Texas (for Some People)
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Three Texas intermediate appellate courts have held that corporate actors—directors, officers, managers, shareholders, and probably common employees and agents—are immune from personal liability for the fraud and misrepresentation these actors commit as long as the deceit relates to or arises from a contractual obligation of the corporation. Two and maybe three Texas appellate courts have rejected this immunity, and federal courts have also split. Courts adopting immunity claim the authority of a statute, but this immunity cannot be justified by the statute's language or history, and adopting it creates (probably unnoticed) results that confirm the legislature never intended it.
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- Total Credit Hours:
- 0.75
- Credit Info
- TX, CA
- TX MCLE credit expires: 7/31/2024
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Fraud Is Now Legal in Texas (for Some People) (Jun 2021)
Val Ricks
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Fraud Is Now Legal in Texas (for Some People) (Jun 2021)
Three Texas intermediate appellate courts have held that corporate actors—directors, officers, managers, shareholders, and probably common employees and agents—are immune from personal liability for the fraud and misrepresentation these actors commit as long as the deceit relates to or arises from a contractual obligation of the corporation. Two and maybe three Texas appellate courts have rejected this immunity, and federal courts have also split. Courts adopting immunity claim the authority of a statute, but this immunity cannot be justified by the statute's language or history, and adopting it creates (probably unnoticed) results that confirm the legislature never intended it.
Originally presented: Apr 2021 Corporate Counsel Institute
Val Ricks,
South Texas College of Law Houston - Houston, TX