12.003 – RIGHTS IN VIRTUAL CURRENCY. (a) In this section:
Texas Business and Commerce Code § 12.003
Summary
This law defines rights related to virtual currency, particularly concerning claims of ownership and the status of purchasers. It establishes terms like 'adverse claim' and 'qualifying purchaser' to clarify who can legally control virtual currency without facing claims from others.
Establishes criteria for 'qualifying purchasers' of virtual currency.
Protects purchasers from claims if they acquire currency without notice.
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In simple terms: Learn about Texas's RIGHTS IN VIRTUAL CURRENCY. (a) In this section: law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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