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AN ACT
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relating to the stay of recognition or enforcement of a foreign |
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country judgment to allow for de novo review of a contract or |
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agreement for a sale, offer for sale, or sell under The Securities |
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Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The Securities Act (Article 581-1 et seq., |
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Vernon's Texas Civil Statutes) is amended by adding Section 33-2 to |
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read as follows: |
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Sec. 33-2. STAY OF RECOGNITION OR ENFORCEMENT OF FOREIGN |
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COUNTRY JUDGMENT. (a) Prior to a court's recognition or |
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enforcement of a foreign country judgment under Chapter 36, Civil |
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Practice and Remedies Code, or otherwise, a party against whom |
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recognition or enforcement of a foreign country judgment is sought |
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is entitled to de novo review by a court in this state to determine |
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whether a party, its successors, assigns, agents, or |
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representatives seeking recognition or enforcement of a foreign |
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country judgment has violated this Act or Chapter 17, Business & |
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Commerce Code. |
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(b) A party seeking de novo review under this section must |
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file with the court a verified pleading asserting a violation of |
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this Act or Chapter 17, Business & Commerce Code, not later than the |
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30th day after the date of service of the notice of filing of a |
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foreign country judgment with the court for recognition or |
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enforcement. |
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(c) A pleading filed in accordance with Subsection (b) |
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operates as a stay of the commencement or continuation of a |
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proceeding to recognize or enforce a foreign country judgment. The |
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stay shall continue until the court completes its de novo review |
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under this section and renders a final judgment. |
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(d) A finding by a court of a violation of this Act or |
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Chapter 17, Business & Commerce Code, is a sufficient ground for |
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nonrecognition of a foreign country judgment. |
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(e) This section applies to a foreign country judgment |
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involving a contract or agreement for a sale, offer for sale, or |
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sell as defined by this Act, or investment, that imposes an |
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obligation of indemnification or liquidated damages upon a Texas |
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resident. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the votes necessary for immediate effect, this |
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Act takes effect September 1, 2011. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 3174 was passed by the House on April |
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19, 2011, by the following vote: Yeas 144, Nays 0, 1 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 3174 was passed by the Senate on May |
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19, 2011, by the following vote: Yeas 31, Nays 0 |
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. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |