Tex. Business & Commerce Code § 12.003
This is the official text of Tex. Business & Commerce Code § 12.003, part of Texas’s Business & Commerce Code — governs commercial transactions and general business practices.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§ 12.003. RIGHTS IN VIRTUAL CURRENCY.
Official statutory text
(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 is not notice of an adverse claim to a virtual currency.
(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 is not notice of an adverse claim to a virtual currency.
Status: in_force · Read it on the official government site
Dealing with a business matter in Texas?
See all Texas Business lawyers
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.