Texas SB2221 amends the Business & Commerce Code to address fraudulent financing statements and authorizes a fee for affidavits.

Texas SB2221 amends the Business & Commerce Code to prohibit the intentional or knowing filing of a fraudulent financing statement. It allows the owner of property covered by such a statement to file suit for relief, including release of the statement, and entitles successful plaintiffs to reasonable attorney's fees and costs. The bill also allows a debtor to file suit if they believe the statement was filed in violation of the law. The filing office must collect a fee for affidavits related to fraudulent filings, which cannot be returned even if the statement is later reinstated.

Texas SB2221 amends the Business & Commerce Code to address fraudulent financing statements and authorizes a fee for affidavits.

Texas SB2221 amends the Business & Commerce Code to prohibit the intentional or knowing filing of a fraudulent financing statement. It allows the owner of property covered by such a statement to file suit for relief, including release of the statement, and entitles successful plaintiffs to reasonable attorney's fees and costs. The bill also allows a debtor to file suit if they believe the statement was filed in violation of the law. The filing office must collect a fee for affidavits related to fraudulent filings, which cannot be returned even if the statement is later reinstated.