----

----

| (Mark      One) |
|-----------------|
| [X]             | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934.For      the quarterly period ended September 30,2009 |

| [   ] | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE  ACT OF 1934.For      the transition period from ______ to______ |
|----------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOT      APPLICABLE(State      or Other Jurisdiction of Incorporationor      Organization) |   | 75-0279735(I.R.S.      EmployerIdentification      No.) |
|--------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|

| 1700      Pacific Avenue, Suite 2770, Dallas, Texas(Address      of Principal Executive Offices) |   | 75201(Zip      Code) |
|--------------------------------------------------------------------------------------------------|--------|----------------------|

|   | Large      Accelerated Filer |  ̈  | Accelerated      Filer         | T      |
|--------|------------------------------|--------------|--------------------------------|--------|
|   | Non-Accelerated      Filer   |  ̈       | Smaller      reporting company |  ̈ |

----

----

----

----

|                                                                                   |   | September      30, |       |   | December      31, |
|----------------------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|
| Assets                                                                                 |   | 2009               |       |   | 2008              |
|                                                                                   |   | (Unaudited)        |       |   |              |
|                                                                                   |   |               |       |   |              |
| Cash      and cash equivalents                                                         |   | $                  | 7,531,495  |   |              | $ | 9,654,379 |   |   |
| Accrued      receivables                                                               |   |               | 1,589,871  |   |              |   | 1,172,281 |   |   |
| Other      assets                                                                      |   |               | 7,999      |   |              |   | 79,986 |   |   |
| Prepaid      income taxes                                                              |   |               | 53,273     |   |              |   | 982,350 |   |   |
| Notes      receivable for land sales                                                   |   |               | 16,678,145 |   |              |   | 17,656,227 |   |   |
| Water      wells, leasehold improvements, furniture and equipment                      |   |               |       |   |              |   |   |   |   |
| – at cost less accumulated      depreciation                                     |   |               | 80,792     |   |              |   | 78,307 |   |   |
| Real      estate acquired:                                                             |   |               |       |   |              |   |   |   |   |
| (10,793 acres at September 30,      2009 and December 31, 2008)                        |   |               | 1,161,504  |   |              |   | 1,161,504 |   |   |
| Real      estate and royalty interests assigned through the 1888                       |   |               |       |   |              |   |   |   |   |
| Declaration      of Trust, no value assigned:                                          |   |               |       |   |              |   |   |   |   |
|                                                                                   |   |               |       |   |              |   |   |   |   |
| Land (surface rights) situated      in twenty counties in                              |   |               |       |   |              |   |   |   |   |
| Texas – 951,760 acres in 2009      and 952,455 acres in 2008                     |   |               | –    |   |              |   | – |   |   |
|                                                                                   |   |               |       |   |              |   |   |   |   |
| Town lots in Loraine and Morita      – 541 lots in 2009 and 2008                 |   |               | –    |   |              |   | – |   |   |
|                                                                                   |   |               |       |   |              |   |   |   |   |
| 1/16 nonparticipating perpetual      royalty interest in 386,988 acres in 2009and 2008 |   |               | –    |   |              |   | – |   |   |
|                                                                                   |   |               |       |   |              |   |   |   |   |
| 1/128 nonparticipating      perpetual royalty interest in 85,414 acres in 2009and 2008 |   |               | –    |   |              |   | – |   |   |
|                                                                                   |   | $                  | 27,103,079 |   |              | $ | 30,785,034 |   |   |
| Liabilities      and Capital                                                           |   |               |       |   |              |   |   |   |   |
| Accounts      payable and accrued expenses                                             |   | $                  | 493,461    |   |              | $ | 786,848 |   |   |
| Other      taxes payableUnearned      revenues                                         |   |               | 154,083    |   |              |   | 201,863 |   |   |
|                                                                                   |   | 438,374            |       |   |              | 438,374 |   |   |
| Deferred      taxes                                                                    |   |               | 4,963,139  |   |              |   | 5,141,275 |   |   |
| Pension      plan liability                                                            |   |               | 753,137    |   |              |   | 692,002 |   |   |
| Total    liabilities                                                                   |   |               | 6,802,194  |   |              |   | 7,260,362 |   |   |
| Capital:                                                                               |   |               |       |   |              |   |   |   |   |
| Certificates of Proprietary      Interest, par value $100                              |   |               |       |   |              |   |   |   |   |
| each; outstanding 0      certificates                                                  |   |               | –    |   |              |   | – |   |   |
| Sub-share Certificates in      Certificates of Proprietary                             |   |               |       |   |              |   |   |   |   |
| Interest, par value $.03 1/3      each; outstanding:                                   |   |               |       |   |              |   |   |   |   |
| 9,978,587 Sub-shares in 2009      and 10,206,146Sub-shares in    2008                  |   |               | –    |   |              |   | – |   |   |
| Other comprehensive income      (loss)                                                 |   |               | (588,619   | )      |              |   | (629,075 |   | ) |
| Net proceeds from all      sources                                                     |   |               | 20,889,504 |   |              |   | 24,153,747 |   |   |
| Total capital                                                                          |   |               | 20,300,885 |   |              |   | 23,524,672 |   |   |
|                                                                                   |   | $                  | 27,103,079 |   |              | $ | 30,785,034 |   |   |

| See      accompanying notes to financialstatements. |
|-----------------------------------------------------|

----

|                                                       |   | Three      Months EndedSeptember      30, |       | Nine      Months EndedSeptember      30, |   |
|------------------------------------------------------------|--------|-------------------------------------------|------------|------------------------------------------|--------|
|                                                       |   | 2009                                      |       |                                     | 2008   |   | 2009 |   |   | 2008 |   |
| Income:                                                    |   |                                      |       |                                     |   |   |   |   |   |   |   |
| Rentals,      royalties and sundry income                  |   | $                                         | 3,055,608  |                                     |   | $ | 5,469,108 |   | $ | 8,003,287 |   |   | $ | 14,436,651 |   |
| Land      sales                                            |   |                                      | --         |                                     |   |   | 184,400 |   |   | 523,010 |   |   |   | 823,440 |   |
| Interest      income from notes receivable                 |   |                                      | 302,656    |                                     |   |   | 339,415 |   |   | 923,769 |   |   |   | 1,040,733 |   |
|                                                       |   |                                      | 3,358,264  |                                     |   |   | 5,992,923 |   |   | 9,450,066 |   |   |   | 16,300,824 |   |
|                                                       |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                  |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Taxes,      other than income taxes                        |   |                                      | 157,203    |                                     |   |   | 286,161 |   |   | 428,876 |   |   |   | 760,055 |   |
| General      and administrative expenses                   |   |                                      | 406,512    |                                     |   |   | 587,937 |   |   | 1,538,522 |   |   |   | 1,657,798 |   |
|                                                       |   |                                      | 563,715    |                                     |   |   | 874,098 |   |   | 1,967,398 |   |   |   | 2,417,853 |   |
| Operating      income                                      |   |                                      | 2,794,549  |                                     |   |   | 5,118,825 |   |   | 7,482,668 |   |   |   | 13,882,971 |   |
| Interest      income earned from investments               |   |                                      | 11,855     |                                     |   |   | 41,255 |   |   | 46,017 |   |   |   | 204,579 |   |
|                                                       |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Income      before income taxes                            |   |                                      | 2,806,404  |                                     |   |   | 5,160,080 |   |   | 7,528,685 |   |   |   | 14,087,550 |   |
| Income      taxes                                          |   |                                      | 852,704    |                                     |   |   | 1,566,566 |   |   | 2,383,984 |   |   |   | 4,345,657 |   |
| Net      income                                            |   | $                                         | 1,953,700  |                                     |   | $ | 3,593,514 |   | $ | 5,144,701 |   |   | $ | 9,741,893 |   |
|                                                       |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Average      number of sub-share certificates              |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| and      equivalent sub-share certificates                 |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| outstanding                                                |   |                                      | 10,019,767 |                                     |   |   | 10,367,017 |   |   | 10,070,246 |   |   |   | 10,406,889 |   |
|                                                       |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Basic      and dilutive earnings per sub-share certificate |   | $                                         | .19        |                                     |   | $ | .35 |   | $ | .51 |   |   | $ | .94 |   |
|                                                       |   |                                      |       |                                     |   |   |   |   |   |   |   |   |   |   |   |
| Cash      dividends per sub-share certificate              |   | $                                         | –    |                                     |   | $ | – |   | $ | .19 |   |   | $ | .18 |   |

----

|                                                       |   | Nine      MonthsEnded      September 30, |       |
|------------------------------------------------------------|--------|------------------------------------------|------------|
|                                                       |   | 2009                                     |       |   | 2008 |   |
| Cash      flows from operating activities:                 |   |                                     |       |   |   |   |
| Net income                                                 |   | $                                        | 5,144,701  |   |   | $ | 9,741,893 |   |
| Adjustments to reconcile net      income to net            |   |                                     |       |   |   |   |   |   |
| cash provided by operating      activities:                |   |                                     |       |   |   |   |   |   |
| Deferred taxes                                             |   |                                     | (178,136   | ) |   |   | (504,329 | ) |
| Depreciation and      amortization                         |   |                                     | 18,000     |   |   |   | 23,400 |   |
| Changes in operating assets      and liabilities:          |   |                                     |       |   |   |   |   |   |
| Accrued receivables and other      assets                  |   |                                     | (345,603   | ) |   |   | (1,025,805 | ) |
| Real estate    acquired                                    |   |                                     | –    |   |   |   | (77,952 | ) |
| Notes receivable for land      sales                       |   |                                     | 978,082    |   |   |   | 1,526,813 |   |
| Accounts payable, accrued      expenses                    |   |                                     |       |   |   |   |   |   |
| and other    liabilities                                   |   |                                     | (239,576   | ) |   |   | (370,026 | ) |
| Prepaid income    taxes                                    |   |                                     | 929,077    |   |   |   | 407,861 |   |
| Net cash provided by operating      activities             |   |                                     | 6,306,545  |   |   |   | 9,721,855 |   |
|                                                       |   |                                     |       |   |   |   |   |   |
| Cash      flows from investing activities:                 |   |                                     |       |   |   |   |   |   |
| Purchase of fixed      assets                              |   |                                     | (20,485    | ) |   |   | (25,677 | ) |
| Net cash used in investing      activities                 |   |                                     | (20,485    | ) |   |   | (25,677 | ) |
|                                                       |   |                                     |       |   |   |   |   |   |
| Cash      flows from financing activities:                 |   |                                     |       |   |   |   |   |   |
| Purchase of Sub-share      Certificates in Certificates of |   |                                     |       |   |   |   |   |   |
| Proprietary    Interest                                    |   |                                     | (6,478,500 | ) |   |   | (7,000,410 | ) |
| Dividends paid                                             |   |                                     | (1,930,444 | ) |   |   | (1,884,668 | ) |
| Net cash used in financing      activities                 |   |                                     | (8,408,944 | ) |   |   | (8,885,078 | ) |
|                                                       |   |                                     |       |   |   |   |   |   |
| Net (decrease) increase in      cash and cash              |   |                                     |       |   |   |   |   |   |
|     equivalents                        |   |                                     | (2,122,884 | ) |   |   | 811,100 |   |
|                                                       |   |                                     |       |   |   |   |   |   |
| Cash      and cash equivalents, beginning of period        |   |                                     | 9,654,379  |   |   |   | 10,153,202 |   |
|                                                       |   |                                     |       |   |   |   |   |   |
| Cash      and cash equivalents, end of period              |   | $                                        | 7,531,495  |   |   | $ | 10,964,302 |   |

----

| (1) | In      the opinion of management, the accompanying unaudited financial statements      contain all adjustments (consisting of only normal recurring accruals)      necessary to present fairly the financial position of Texas Pacific Land      Trust (the “Trust”) as of September 30, 2009 and the results of its      operations for the three month and nine month periods ended September 30,      2009 and 2008, respectively, and its cash flows for the nine month periods      ended September 30, 2009 and 2008, respectively.  The financial      statements and footnotes included herein should be read in conjunction      with the Trust’s annual financial statements as of December 31, 2008 and      2007 and for each of the years in the three year period ended December 31,      2008 included in the Trust’s Annual Report on Form 10-K for the year ended      December 31, 2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | On      September 15, 2009, the Financial Accounting Standards Board (“FASB”)      Accounting Standards CodificationTM System (“ASC” or the “Codification”)      became the official authoritative source of nongovernmental accounting      principles generally accepted in the United States of America      (“GAAP”).  Rules and interpretations of the U.S. Securities and      Exchange Commission (the “SEC”) also remain sources of GAAP for      us.  The Codification does not change GAAP; instead it      introduces a structure arranged within Topics, Subtopics, Sections and      Paragraphs.  Codification Sections which include the actual      guidelines are based on the nature of the content (e.g., scope,      recognition, measurement, etc.) and are standardized throughout the      Codification.  New authoritative GAAP will be communicated via      an “Accounting Standards Update” (an “ASU”), a new FASB      document.  References to legacy GAAP citations (e.g., SFAS,      EITF, FIN, etc.) now refer to the Codification topic      numbers.  There was no change to our consolidated financial      statements upon adoption. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | We      evaluate events that occur after the balance sheet date but before      financial statements are, or are available to be, issued to determine if a      material event requires our amending the financial statements or      disclosing the event.  We evaluated subsequent events through      October 28, 2009, the date we issued these financial      statements. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | No      value has been assigned to the land held by the Trust other than parcels      which have been acquired through foreclosure and a limited number of      parcels which have been acquired because they were offered for sale and      were contiguous to parcels already owned by the      Trust.  Consequently, no allowance for depletion is computed,      and no charge to income is made, with respect thereto, and no cost is      deducted from the proceeds of the land sales in computing gain or loss      thereon. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The      Sub-shares and the Certificates of Proprietary Interest are freely      interchangeable in the ratio of one Certificate of Proprietary Interest      for 3,000 Sub-shares or 3,000 Sub-shares for one Certificate of      Proprietary Interest. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The      Trust’s effective Federal income tax rate is less than the 34% statutory      rate because taxable income is reduced by statutory percentage depletion      allowed on mineral royalty income. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The      results of operations for the three month and nine month periods ended      September 30, 2009 are not necessarily indicative of the results to be      expected for the full year. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | The      Trust invests cash in excess of daily requirements primarily in bank      deposit and savings accounts, certificates of deposit, and U. S. Treasury      bills with maturities of ninety days orless. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Such      investments are deemed to be highly liquid debt instruments and classified      as cash equivalents for purposes of the statements of cash      flows. Supplemental      cash flow information for the nine month periods ended September 30, 2009      and 2008 is summarized as follows: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                   | 2009       |   | 2008       |
|------------------------|------------|--------|------------|
|                   |       |   |       |
| Income      taxes paid | $1,804,441 |   | $4,225,000 |

| (9) | ASC      280, “Segment      Reporting,”  establishes standards for the way public      business enterprises are to report information about operating      segments.  In accordance with ASC 280, the Trust utilizes the      management approach as a basis for identifying reportable      segments.  The management approach is based on the way that      management organizes the segments within the enterprise for making      operating decisions and assessing performance.  The Trust’s      management views its operations as one segment and believes the only      significant activity is managing the land which was conveyed to the Trust      in 1888.  The Trust’s management makes decisions about resource      allocation and performance assessment based on the same financial      information presented in these financial statements.  Managing      the land includes sales and leases of such land, and the retention of oil      and gas royalties. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Certain      2008 amounts have been reclassified to conform to the 2009 presentation in      the Financial Statements. |
|------|------------------------------------------------------------------------------------------------------------------------|

| Item      2. | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |
|--------------|-------------------------------------------------------------------------------------------------------|

----

----

----

| (c) | During      the third quarter of 2009, the Trust repurchased Sub-share certificates as      follows: |
|-----|------------------------------------------------------------------------------------------------------|

| Period                                       |   | Total      Number ofSub-shares      Purchased |   | Average      PricePaid      per Sub-share |   | TotalNumber      of Sub-shares Purchased as Part ofPubliclyAnnounced      Plans or Programs |   | MaximumNumber      (or Approximate Dollar Value) of Sub-shares that May Yet Be Purchased      Under the Plans or Programs |
|----------------------------------------------|--------|-----------------------------------------------|--------|-------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
| July      1, through July 31, 2009           |   | 20,883                                        |   | $33.78                                    |   | –                                                                                          |   | –                                                                                                                   |
| August      1, through August 31, 2009       |   | 31,799                                        |   | $33.76                                    |   | –                                                                                          |   | –                                                                                                                   |
| September      1, through September 30, 2009 |   | 21,800                                        |   | $30.80                                    |   | –                                                                                          |   | –                                                                                                                   |
| Total                                        |   |  74,482*                                 |   | $32.90                                    |   | –                                                                                          |   | –                                                                                                                   |

----

|   | 31.1 | Rule      13a-14(a) Certification of Chief Executive  Officer. |
|--------|------|----------------------------------------------------------------|

|   | 31.2 | Rule      13a-14(a) Certification of Chief Financial  Officer. |
|--------|------|----------------------------------------------------------------|

|   | 32.1 | Certification      of Chief Executive Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification      of Chief Financial Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   | TEXAS PACIFIC LAND TRUST |
|----------------------------------------|--------|--------------------------|
|                                   |   | (Registrant)   |
| Date:  November      5, 2009 |   | By:                 |  /s/      Roy Thomas  |
|                                   |   |                     | Roy      Thomas, General Agent,Authorized      Signatory and Chief ExecutiveOfficer |

|                                         |   |      |
|----------------------------------------------|--------|-----------|
|  Date:  November      5, 2009 |   | By:  |  /s/      David M. Peterson  |
|                                         |   |      | David      M. Peterson, Assistant General Agent,and      Chief Financial Officer |

----

| EXHIBITNUMBER |                                                                                      DESCRIPTION |
|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 31.1          | Rule      13a-14(a) Certification of Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 31.2          | Rule      13a-14(a) Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 32.1          | Certification      of Chief Executive Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 32.2          | Certification      of Chief Financial Officer furnished pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                     |
|          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |