TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT
Known as the Uniform Commercial Code
The act spans §§ 1.101 to 12.004 (616 sections).
Applied in 3 court decisions — leading case 717 F. Supp. 2d 599 - City Bank v. Compass Bank (2010)
Most recently applied in Garner v. Knoll, Inc. (January 2016)
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
(a) A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(b) A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.