Text of section effective on January 01, 2022
Sec. 4005.055. COMMERCIAL PAPER. The exemption provided by Section 4005.051 applies to:
(1) commercial paper that:
(A) arises out of a current transaction or the proceeds of which have been or are to be used for current transactions; and
(B) evidences an obligation to pay cash not later than the ninth month after the issuance date of the commercial paper, not including days of grace;
(2) a renewal of commercial paper described by Subdivision (1) that is similarly limited; or
(3) a guarantee of commercial paper described by Subdivision (1) or of a renewal described by Subdivision (2).
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
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