Texas Business and Commerce Code 622.052 – Prize Value Less Than $50,000
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(a) This chapter does not apply to a sweepstakes in which the value of the most valuable prize is less than $50,000.
(b) For purposes of this section, the value of a prize is the greatest of the prize’s:
(1) face value;
(2) fair market value; or
(3) present financial value.
Terms Used In Texas Business and Commerce Code 622.052
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.