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(a) All express companies organized or doing business under the laws of the State of Arkansas shall settle in twenty (20) days with the owner of goods, after notice has been given them, for the damages or loss of goods incurred in transit on the lines of the express companies. Notice to any local agent whose duty it is to report to any of the general offices shall be sufficient notice.
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(b) Any express company, as mentioned in subsection (a) of this section, which fails or refuses to pay for the damages or loss of goods within twenty (20) days after notice is given, as mentioned, shall be liable in damages to the owner of the goods to the amount of damage sustained or lost.
