Terms Used In Texas Business and Commerce Code 604.001

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

In this chapter, “stored value card”:
(1) means a record, as defined by Section 322.002, including a record that contains a microprocessor chip, magnetic strip, or other means of storing information:
(A) that evidences a promise made for monetary consideration by the seller or issuer of the record that goods or services will be provided to the owner of the record in the value shown in the record;
(B) that is prefunded; and
(C) the value of which is reduced on redemption; and
(2) includes a gift card or gift certificate.