August 13, 2026
Foley Viewpoints
The Business Court Finally Opines on the Texas Securities Act
The Business Court of Texas recently issued its first published opinion interpreting the Texas Securities Act (TSA). In Thompson v. Anchor Capital GP LLC, 2026 Tex. Bus. 41 (1st Div. July 1, 2026), the court granted defendants’ motion for partial summary judgment on the plaintiffs’ TSA claim after holding that a secured promissory note was not a security. See id. ¶¶ 1–2, 27–32, 62–63. The opinion offers a roadmap for litigating whether debt instruments fall within the TSA and for structuring private-credit, family-office, and private-equity transactions in Texas.
