Business Organizations Code § 22.362

Sec. 22.362. EFFECT OF FORFEITURE. (a) Unless the right of the corporation to conduct affairs in this state is revived under Section 22.363: (1) the corporation may not maintain an action, suit, or proceeding in a court of this state; and (2) a successor or assignee of the corporation may not maintain an action, suit, or proceeding in a court of this state on a right, claim, or demand arising from the conduct of affairs by the corporation in this state. (b) This section does not affect the right of an assignee of the corporation as: (1) the holder in due course of a negotiable promissory note, check, or bill of exchange; or (2) the bona fide purchaser for value of a warehouse receipt, stock certificate, or other instrument negotiable by law. (c) The forfeiture of the right to conduct affairs in this state does not: (1) impair the validity of a contract or act of the corporation; or (2) prevent the corporation from defending an action, suit, or proceeding in a court of this state. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.