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Texas Tidings: Recent Updates

On November 10, 2023, the Texas Supreme Court denied the petitions for review in Citgo Petroleum Group Corp. v. Hegar1 and Conagra Brands Inc. v…

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Texas Supreme Court May Hear Gross V. Net Apportionment Issue For Sale Of Securities After All

On Friday, April 21, 2023, the Texas Supreme Court signaled further interest in two cases addressing whether the proceeds from the sale of certain securities treated as inventory for federal income...

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Parking and Buying Gas | Oficina del Gobernador de Texas

Parking and Buying Gas | Oficina del Gobernador de Texas
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El Paso City Council approves property tax rate, 2021-22 budget, debt

El Paso City Council approves property tax rate, 2021-22 budget, debt
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Missing Annual Franchise Tax Reports Can Have Big Consequences | Gray Reed

What about the alleged damages raised in the breach of contract dispute?
Texas case law identifies two lines of legal reasoning in determining when a debt is “created or “incurred”. The first line of case law stands for the proposition that a debt is neither created nor incurred until it is reduced to a liquidated sum of money.
In
Cain v. State, 882 S.W.2d 515 (Tex. App. – Austin 1994, no writ), Lee Cain appealed a district court decision holding him personally liable for the debts of the Timber Creek Oil Company of which he was an officer and director.
The Texas Railroad Commission had originally sued Timber Creek Oil Company and Mr. Cain, individually, to recover nearly $50,000 that it had spent plugging fifty of the company’s oil wells. The commission authorized the expenditure of state funds on December 19, 1988, and paid out the funds between July 1989 and December 1989. Timber Creek failed to file its 1989 Texas franchise tax report, which was due on March 15, 1989. The issue before the district court was when the debt was created. Mr. Cain relied on the relation back doctrine in arguing that the authorization created the debt and that he was not personally liable for the debt because it occurred prior to the entity’s forfeiture of corporate privileges.

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