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House Bill 2207 |
House Author: Keffer et al. |
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Effective: 1-1-16 |
Senate Sponsor: Eltife |
House Bill 2207 amends the Property Code to set out provisions relating to the foreclosure sale of real property that covers the mineral interest in hydrocarbons and is subject to an oil or gas lease. Among other things, the bill establishes that an oil or gas lease covering real property subject to a security instrument that has been foreclosed remains in effect after the foreclosure sale if the oil or gas lease has not terminated or expired on its own terms and was executed and recorded in the real property records of the county before the foreclosure sale.