Sec. 67.006. RIGHTS OF PURCHASERS. (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.
Added by Acts 2021, 87th Leg., R.S., Ch. 284 (H.B. 3794), Sec. 4, eff. September 1, 2021.
Structure Texas Statutes
Title 5 - Exempt Property and Liens
Chapter 67 - Oil and Gas Liens
Section 67.002. Oil and Gas Lien
Section 67.003. Transfer of Oil and Gas Rights
Section 67.004. Automatic Perfection of Lien
Section 67.006. Rights of Purchasers
Section 67.007. Priority in Relation to Other Liens or Security Interests
Section 67.008. Title Not Affected
Section 67.010. Limitation on Filing Action to Enforce Lien
Section 67.011. Venue; Jurisdiction
Section 67.012. Payment Disputes
Section 67.013. Costs; Attorney's Fees
Section 67.014. Certain Rights of Operator Not Impaired
Section 67.015. Interest Owner Rights Cumulative
Section 67.016. Liberal Construction of Interest Owner Rights