Texas Business & Commerce Code
§ 9.103 — PURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS; BURDEN OF ESTABLISHING
BC § 9.103Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. A. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS
Statute text
View on source(a)In this section:
(1)"Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral.
(2)"Purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.
(b)A security interest in goods is a purchase-money security interest:
(1)to the extent that the goods are purchase-money collateral with respect to that security interest;
(2)if the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and
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Legislative history
Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.