Tex.
Bus. & Com. Code Section 12.003
Rights in Virtual Currency
(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.(e)
In addition to acquiring the rights of a purchaser, a qualifying purchaser acquires the purchaser’s rights in a virtual currency free of any adverse claim.(f)
An action based on an adverse claim to a virtual currency, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a qualifying purchaser that acquires the purchaser’s interest in, and obtains control of, the virtual currency for value and without notice of the adverse claim.(g)
A person has notice of an adverse claim if:(1)
the person knows of the adverse claim; or(2)
the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim.(h)
Filing of a financing statement under Chapter 9 (Applicability of Law to Commercial Transactions) is not notice of an adverse claim to a virtual currency.
Source:
Section 12.003 — Rights in Virtual Currency, https://statutes.capitol.texas.gov/Docs/BC/htm/BC.12.htm#12.003 (accessed May 18, 2024).
