Texas Business & Commerce Code - Section 24.007. When Transfer Is Made Or Obligation Is Incurred
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§ 24.007. WHEN TRANSFER IS MADE OR OBLIGATION IS
INCURRED. 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;
(4) a transfer is not made until the debtor has
acquired rights in the asset transferred; and
(5) an obligation is incurred:
(A) if oral, when it becomes effective between
the parties; or
(B) if evidenced by a writing, when the writing
executed by the obligor is delivered to or for the benefit of the
obligee.
Amended by Acts 1987, 70th Leg., ch. 1004, § 1, eff. Sept. 1,
1987.
Section: 23.33 24.001 24.002 24.003 24.004 24.005 24.006 24.007 24.008 24.009 24.010 24.011 24.012 24.013 26.01
Last modified: August 11, 2007
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