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Current as of January 01, 2024 | Updated by Findlaw Staff
In this chapter:
(1) “Bad faith” means the conscious taking of action for the purpose of washing out all or part of an overriding royalty interest.
(2) “Washout” means the elimination or reduction of an overriding royalty interest in an oil and gas lease by the forfeiture or surrender of the oil and gas lease by a lessee or the lessee's successors or assigns and the subsequent reacquisition of a lease, or all or part of the mineral estate associated with the lease, by the lessee or the lessee's successors, assigns, contractors, or subsidiaries on all or part of the same land, free of the overriding royalty interest.
Cite this article: FindLaw.com - Texas Property Code - PROP § 31.001. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-31-001/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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