(a) If a derelict vessel or structure is not claimed under §19.74 of this title (relating to Claim of Ownership) or §19.75 of this title (relating to Lien Holder Rights):
  (1) the owner or lien holder:
    (A) waives all rights and interests in the vessel or structure, except that in the case of a security interest, the lien holder is entitled to be paid from the proceeds that exceed the cost of removal, storage, and disposal, an amount necessary to satisfy the secured debt; and
    (B) consents to the sale of the item by the authorized public entity, transfer the item, if a watercraft, or the disposal of the item; and
  (2) the authorized public entity may sell the vessel or structure as provided by law or dispose of the vessel or structure as provided in §19.77 of this title (relating to Disposal of Derelict Vessel or Structure).
(b) The purchaser of a vessel:
  (1) takes title free and clear of all liens and claims of ownership;
  (2) shall receive a sales receipt from the authorized public entity and a copy of the commissioner's order authorizing disposal of the vessel after notice and an opportunity for hearing has occurred; and
  (3) is entitled to register the vessel and apply for a certificate of title from Texas Parks and Wildlife Department for the vessel as property seized by a governmental entity.
(c) The purchaser of a vessel or structure that has been the subject of a removal action must agree that the person will not abandon the same vessel or structure in violation of Texas Natural Resources Code §40.108 and that breach of such agreement will subject the person to an civil penalty in the amount specified in Texas Natural Resources Code §40.251(f).

Source Note: The provisions of this §19.76 adopted to be effective September 13, 2010, 35 TexReg 8377