Failure To Disclose Lack of Ownership of Goods

Sec. 251.007. FAILURE TO DISCLOSE LACK OF OWNERSHIP OF GOODS. (a) A person who obtains a negotiable warehouse receipt describing goods the person does not own may not, with intent to defraud, negotiate the receipt for value without disclosing the person's lack of ownership. (b) A person who violates this section commits an offense. An offense under this section is a misdemeanor punishable by: (1) confinement in the county jail for a term of not more than one year; (2) a fine not to exceed $1,000; or (3) both the fine and confinement. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 2.01, eff. April 1, 2009.