ACCOUNT PURCHASE TRANSACTION
Applied in 2 court decisions — leading case Korrody v. Miller (2003)
Most recently applied in 28 F. Supp. 3d 660 - Express Working Capital, LLC v. Starving Students, Inc. (June 2014)
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.18(a), eff
(a) An amount of a discount in, or charged under, an account purchase transaction is not interest.
(b) For the purposes of this chapter, the parties' characterization of an account purchase transaction as a purchase is conclusive that the account purchase transaction is not a transaction for the use, forbearance, or detention of money.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.