Bankdirect Capital Finance, LLC, a Subsidiary of Texas Capital Bank, N.a. v. Plasma Fab, LLC and Russell McCann

Summary

The Texas Supreme Court affirmed the Court of Appeals, holding that BankDirect Capital Finance failed to comply with the Texas Insurance Code’s ten‑day notice requirement and therefore lacked authority to cancel Plasma Fab’s insurance policy. The Court rejected a substantial‑compliance approach, emphasizing strict adherence to unambiguous statutory language. Justice Johnson dissented, arguing that substantial compliance should apply, and Justice Guzman concurred in the result but offered a different rationale.