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A BILL TO BE ENTITLED
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AN ACT
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relating to the abandonment of mineral proceeds for purposes of |
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certain unclaimed property laws. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 75.001(a)(1) and (2), Property Code, |
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are amended to read as follows: |
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(1) "Mineral" means oil, gas, uranium, sulphur, |
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lignite, coal, lithium, salt, bromine, and any other substance that |
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is ordinarily and naturally considered a mineral in this state, |
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regardless of: |
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(A) the depth at which the oil, gas, uranium, |
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sulphur, lignite, coal, lithium, salt, bromine, or other substance |
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is found; and |
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(B) whether the oil, gas, uranium, sulphur, |
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lignite, coal, lithium, salt, bromine, or other substance is found |
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within a liquid, gas, or solid that is ordinarily and naturally |
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considered a nonmineral in this state. |
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(2) "Mineral proceeds" includes: |
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(A) all obligations to pay resulting from the |
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production and sale of all minerals produced, including net revenue |
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interests, royalties, overriding royalties, production payments, |
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and joint operating agreements; and |
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(B) all obligations for the acquisition and |
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retention of a mineral lease, including bonuses, delay rentals, |
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shut-in royalties, and minimum royalties. |
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SECTION 2. This Act takes effect September 1, 2025. |