Honorable Troy Fraser, Chair, Senate Committee on Natural Resources
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB1094 by Hinojosa (Relating to security interests in oil and gas production and its proceeds.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill amends Chapter 9 of the Texas Business and Commerce Code. The bill makes changes to the perfection and priority of security interests. The bill takes effect immediately with two-thirds vote or September 1, 2013.
Local Government Impact
Local governments may be impacted if they have security interests in oil and gas production.