Bill Text: TX HB2590 | 2013-2014 | 83rd Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the foreclosure sale of property subject to an oil or gas lease.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Vetoed) 2013-06-14 - Vetoed by the Governor [HB2590 Detail]
Download: Texas-2013-HB2590-Introduced.html
Bill Title: Relating to the foreclosure sale of property subject to an oil or gas lease.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Vetoed) 2013-06-14 - Vetoed by the Governor [HB2590 Detail]
Download: Texas-2013-HB2590-Introduced.html
| 83R5509 JAM-D | ||
| By: Keffer | H.B. No. 2590 | |
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| relating to the foreclosure sale of property subject to certain | ||
| agreements related to the production or sale of oil or gas. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Chapter 51, Property Code, is amended by adding | ||
| Section 51.010 to read as follows: | ||
| Sec. 51.010. SALE OF PROPERTY SUBJECT TO CERTAIN AGREEMENTS | ||
| RELATED TO PRODUCTION OR SALE OF OIL OR GAS. (a) Notwithstanding | ||
| any other law, an oil or gas lease or other agreement related to the | ||
| production or sale of oil or gas from real property subject to a | ||
| security interest that is being foreclosed remains in effect after | ||
| the foreclosure sale and has priority over the foreclosed lien | ||
| regardless of whether the agreement was recorded in the real | ||
| property records of the county before the date the security | ||
| interest was recorded if the agreement: | ||
| (1) was recorded in the real property records of the | ||
| county before the foreclosure sale; and | ||
| (2) has not terminated or expired on its own terms. | ||
| (b) Any royalty payment due to the owner of the real | ||
| property under an agreement described by Subsection (a) shall be | ||
| paid to the purchaser of the foreclosed real property. | ||
| SECTION 2. Section 51.010, Property Code, as added by this | ||
| Act, applies only to a security interest recorded in the real | ||
| property records of a county on or after the effective date of this | ||
| Act. A security interest recorded before the effective date of this | ||
| Act is governed by the law in effect immediately before the | ||
| effective date of this Act, and that law is continued in effect for | ||
| that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2013. | ||
