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Texas Property Code - PROP § 67.006. Rights of Purchasers

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as provided by Subsection (b), a purchaser takes free of any oil and gas lien otherwise applicable to the oil or gas purchased if the purchaser:

(1) is a buyer in the ordinary course of the first purchaser's business under Chapter 9, Business & Commerce Code;  or

(2) has paid all of the consideration due to the first purchaser, including by exchange of oil or gas, net-out, or set-off, under all applicable enforceable contracts in existence at the time of the payment.

(b) The oil and gas lien continues uninterrupted in the proceeds paid to or otherwise due the first purchaser.

(c) Except as provided by this section, an oil and gas lien has priority over the rights of any purchaser.

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Cite this article: FindLaw.com - Texas Property Code - PROP § 67.006. Rights of Purchasers - last updated January 01, 2024 | https://codes.findlaw.com/tx/property-code/prop-sect-67-006/

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