{"data":{"id":"us-tx/tex.-business-organizations-code-22.362","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 22.362","heading":"EFFECT OF FORFEITURE.","body":"(a) Unless the right of the corporation to conduct affairs in this state is revived under Section 22.363:\n(1) the corporation may not maintain an action, suit, or proceeding in a court of this state; and\n(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.\n(b) This section does not affect the right of an assignee of the corporation as:\n(1) the holder in due course of a negotiable promissory note, check, or bill of exchange; or\n(2) the bona fide purchaser for value of a warehouse receipt, stock certificate, or other instrument negotiable by law.\n(c) The forfeiture of the right to conduct affairs in this state does not:\n(1) impair the validity of a contract or act of the corporation; or\n(2) prevent the corporation from defending an action, suit, or proceeding in a court of this state.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 2. CORPORATIONS","CHAPTER 22. NONPROFIT CORPORATIONS","SUBCHAPTER H. RECORDS AND REPORTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.22.htm#22.362","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"29588390bd812766ad18050cbe94643464f83980f036db980e10c82604bdcb79","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-22.361","next":"us-tx/tex.-business-organizations-code-22.363"},"notice":"GroundRules: Original legal text. Not legal advice."}