Texas § GV.2116.009 - CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY

§ GV.2116.009. CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY

CAUSE OF ACTION FOR DENIAL OF DEPOSIT LIABILITY. (a) A cause of action for denial of deposit liability on a depository account contract without a maturity date does not accrue until the depository has denied liability and given notice of the denial to the depository account holder. (b) The depository's act of furnishing an account statement or passbook, whether in physical, digital, or electronic form, constitutes a denial of liability and the giving of such notice as to any amount not shown on the statement or passbook. (c) The depository's sovereign immunity from suit is waived for an action brought by a depositor for the denial of deposit liability. (d) The depository's liability for a denial of deposit liability is limited to the amount on deposit for which liability was denied. A depositor may not recover consequential damages, exemplary damages, pre- or post-judgment interest, costs, or attorney's fees. (e) A suit authorized by this section must be brought in a district court of Travis County. (f) A suit authorized by this section must be brought before the expiration of one year after the date the cause of action accrues or the suit is barred. Added by Acts 2015, 84th Leg., R.S., Ch. 1000 (H.B. 483 ), Sec. 1, eff. June 19, 2015.