Texas Business & Commerce Code
§ 12.003 — RIGHTS IN VIRTUAL CURRENCY
BC § 12.003Title 1. UNIFORM COMMERCIAL CODE · Ch. 12. VIRTUAL CURRENCY
Statute text
View on source(a)In this section:
(1)"Adverse claim" means a claim that a claimant has a property interest in a virtual currency and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the virtual currency.
(2)"Qualifying purchaser" means a purchaser that obtains control of a virtual currency for value and without notice of any adverse claim.
(b)Subject to Subsections (c) through (h), law other than this chapter determines whether a person acquires rights in a virtual currency and the rights that the person acquires.
(c)A purchaser of a virtual currency acquires all rights in the virtual currency that the transferor had or had power to transfer.
(d)A purchaser of a limited interest in a virtual currency acquires rights only to the extent of the interest purchased.
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Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 739 (H.B. 4474), Sec. 9, eff. September 1, 2021.