Texas Business & Commerce Code

§ 24.007 — WHEN TRANSFER IS MADE OR OBLIGATION IS INCURRED

BC § 24.007Title 3. INSOLVENCY, FRAUDULENT TRANSFERS, AND FRAUD · Ch. 24. UNIFORM FRAUDULENT TRANSFER ACT

Statute text

For the purposes of this chapter:

(1)a transfer is made:

(A)with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and

(B)with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;

(2)if applicable law permits the transfer to be perfected as provided in Subdivision (1) of this section and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;

(3)if applicable law does not permit the transfer to be perfected as provided in Subdivision (1) of this section, the transfer is made when it becomes effective between the debtor and the transferee;

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Legislative history

Amended by Acts 1987, 70th Leg., ch. 1004, Sec. 1, eff. Sept. 1, 1987.