CHAPTER 75. TEXAS MINERALS
PROPERTY CODE
TITLE 6. UNCLAIMED PROPERTY
CHAPTER 75. TEXAS MINERALS
SUBCHAPTER A. APPLICABILITY
Sec. 75.001. DEFINITIONS; APPLICATION OF CHAPTER. (a) In this
chapter:
(1) "Mineral" means oil, gas, uranium, sulphur, lignite, coal,
and any other substance that is ordinarily and naturally
considered a mineral in this state, regardless of the depth at
which the oil, gas, uranium, sulphur, lignite, coal, or other
substance is found.
(2) "Mineral proceeds" includes:
(A) all obligations to pay resulting from the production and
sale of minerals, including net revenue interests, royalties,
overriding royalties, production payments, and joint operating
agreements; and
(B) all obligations for the acquisition and retention of a
mineral lease, including bonuses, delay rentals, shut-in
royalties, and minimum royalties.
(3) "Holder" means a person, wherever organized or domiciled,
who is:
(A) in possession of property that belongs to another;
(B) a trustee; or
(C) indebted to another on an obligation.
(b) This chapter applies to mineral proceeds and the owner's
underlying right to receive those mineral proceeds if:
(1) the owner's underlying right to receive mineral proceeds is
related to land located in this state;
(2) the mineral proceeds result from the production of minerals
located in this state; or
(3) the mineral proceeds are an obligation for the acquisition
or retention of a mineral lease to produce minerals located in
this state.
(c) A holder of property presumed abandoned under this chapter
is subject to the procedures of Chapter 74.
(d) This chapter supplements other chapters in this title, and
each chapter shall be followed to the extent applicable.
Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1,
1985. Amended by Acts 1987, 70th Leg., ch. 426, Sec. 6, eff.
Sept. 1, 1987.
Sec. 75.002. TRANSFER AND PURCHASE OF MINERAL INTEREST ON
MINERAL PROCEEDS. A person purchasing mineral proceeds of an
owner whose name has been reported or is reportable to the
comptroller shall provide documentation required by the
comptroller to substantiate that the transfer is executed by the
reported owner or the reported owner's legal agent.
Added by Acts 1997, 75th Leg., ch. 1037, Sec. 37, eff. Sept. 1,
1997.
SUBCHAPTER B. PRESUMPTION OF ABANDONMENT
Sec. 75.101. PRESUMPTION OF ABANDONMENT. (a) All mineral
proceeds that are held or owing by the holder and that have
remained unclaimed by the owner for longer than three years after
they became payable or distributable and the owner's underlying
right to receive those mineral proceeds are presumed abandoned.
(b) At the time any owner's underlying right to receive mineral
proceeds is presumed abandoned under this section, any mineral
proceeds then held for or owing to the owner as a result of the
underlying right and any mineral proceeds accruing after that
time as a result of the underlying right and not previously
presumed abandoned are presumed abandoned.
Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1,
1985. Amended by Acts 1987, 70th Leg., ch. 426, Sec. 7, eff.
Sept. 1, 1987.
Sec. 75.102. PRESERVATION OF PROPERTY. A holder of abandoned
property shall preserve that property and may not by any
procedure, including a deduction for service, maintenance, or
other charge, transfer, convert, or reduce the property to the
profits or assets of the holder.
Added by Acts 1985, 69th Leg., ch. 230, Sec. 17, eff. Sept. 1,
1985.