Texas Natural Resources Code 31.1582 – Sale of Certain Mineral Interests
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(a) If the General Land Office receives from a landowner an offer to buy the state’s interest in the mineral estate in real property to which the landowner holds title, the General Land Office may sell to the landowner, for fair market value, any fractional mineral interest held by the state that:
(1) is a fractional mineral interest of 1/32 or less; and
(2) is severed from a parcel of land that:
(A) is 80 acres or less; and
(B) is located in a county with a population of less than 11,000.
(b) This section does not apply to land under the management and control of the board of regents of a public or private institution of higher education.
Terms Used In Texas Natural Resources Code 31.1582
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.