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FLORES v. MILLENNIUM INTERESTS, LTD.

No. 04-1003.

185 S.W.3d 427 (2005)

Arturo FLORES, et al., Appellants, v. MILLENNIUM INTERESTS, LTD., et al., Appellees.

Supreme Court of Texas.

Decided September 30, 2005.

Rehearing Denied March 31, 2006.

Attorney(s) appearing for the Case

Harry Herzog, David A. Carp, Herzog Carp & McManus, William C. Wagner, and J. James Luck, Godwin Gruber LLP, Houston, for Appellant.

H. Miles Cohn, Sheiness Scott Grossman & Cohn, L.L.P., and Michelle Friery, Houston, for Appellee.

J. Ken Nunley, Nunley Davis Jolley & Hill, L.L.P., Boerne, Vincent L. Hazen, Hazen & Terrill, P.C., Bill Davis, Office of Atty. Gen., Austin, Deborah G. Hankinson, Law Offices of Deborah Hankinson PC, Dallas, for Amicus Curiae

Justice MEDINA delivered the opinion of the Court joined by Justice HECHT, Justice O'NEILL, Justice WAINWRIGHT, Justice JOHNSON, and Justice WILLETT.

This case comes to us on certified questions from the United States Court of Appeals for the Fifth Circuit asking us to construe section 5.077 of the Texas Property Code. That section requires that the seller of real property under an executory contract provide the buyer with an annual accounting statement and imposes "liquidated damages" should the seller fail to comply. The Fifth Circuit has asked the following questions about this statute:

1. If a seller under...

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