| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
| |
|
|
relating to the stay of recognition or enforcement of a foreign |
|
|
country judgment to allow for de novo review of a contract or |
|
|
agreement for a sale, offer for sale, or sell under The Securities |
|
|
Act. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. The Securities Act (Article 581-1 et seq., |
|
|
Vernon's Texas Civil Statutes) is amended by adding Section 33-2 to |
|
|
read as follows: |
|
|
Sec. 33-2. STAY OF RECOGNITION OR ENFORCEMENT OF FOREIGN |
|
|
COUNTRY JUDGMENT. (a) Prior to a court's recognition or |
|
|
enforcement of a foreign country judgment under Chapter 36, Civil |
|
|
Practice and Remedies Code, or otherwise, a party against whom |
|
|
recognition or enforcement of a foreign country judgment is sought |
|
|
is entitled to de novo review by a court in this state to determine |
|
|
whether a party, its successors, assigns, agents, or |
|
|
representatives seeking recognition or enforcement of a foreign |
|
|
country judgment has violated this Act or Chapter 17, Business & |
|
|
Commerce Code. |
|
|
(b) A party seeking de novo review under this section must |
|
|
file with the court a verified pleading asserting a violation of |
|
|
this Act or Chapter 17, Business & Commerce Code, not later than the |
|
|
30th day after the date of service of the notice of filing of a |
|
|
foreign country judgment with the court for recognition or |
|
|
enforcement. |
|
|
(c) A pleading filed in accordance with Subsection (b) |
|
|
operates as a stay of the commencement or continuation of a |
|
|
proceeding to recognize or enforce a foreign country judgment. The |
|
|
stay shall continue until the court completes its de novo review |
|
|
under this section and renders a final judgment. |
|
|
(d) A finding by a court of a violation of this Act or |
|
|
Chapter 17, Business & Commerce Code, is a sufficient ground for |
|
|
nonrecognition of a foreign country judgment. |
|
|
(e) This section applies to a foreign country judgment |
|
|
involving a contract or agreement for a sale, offer for sale, or |
|
|
sell as defined by this Act, or investment, that imposes an |
|
|
obligation of indemnification or liquidated damages upon a Texas |
|
|
resident. |
|
|
SECTION 2. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the votes necessary for immediate effect, this |
|
|
Act takes effect September 1, 2011. |
|
|
|
|
|
* * * * * |