Texas Property Code 67.009 – Waiver
(a) Except as provided by Subsection (b), an interest owner may not be required, as a condition or term of an agreement to sell or otherwise, to:
(1) waive or release any oil and gas lien or a right under this chapter, other than on payment in full of the sales price; or
(2) agree to a provision that would apply the law of another state to a right granted under this chapter.
(b) An interest owner, or representative acting on behalf of an interest owner, may waive or release any oil and gas lien or any rights under this chapter or agree to apply the law of another state to the interest owner’s oil and gas rights granted under this chapter, if the first purchaser:
(1) posts a letter of credit in a form and amount satisfactory to the interest owner; or
(2) agrees to prepay or escrow the sales price under an agreement to sell with the interest owner and performs all of the first purchaser’s obligations under the agreement.
Terms Used In Texas Property Code 67.009
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lien: A claim against real or personal property in satisfaction of a debt.
(c) Unless waived or released under Subsection (b), a condition or term described by Subsection (a) is void.