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Assembly Bill A2370

2009-2010 Legislative Session

Extends the cancellation period for a gas or oil lease from 3 days to 5 days

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2009-A2370 (ACTIVE) - Details

See Senate Version of this Bill:
S4683
Law Section:
General Obligations Law
Laws Affected:
Amd ยง5-333, Gen Ob L
Versions Introduced in 2011-2012 Legislative Session:
A6211, S750

2009-A2370 (ACTIVE) - Summary

Extends the cancellation period for a gas or oil lease from 3 days to 5 days.

2009-A2370 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2370

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            January 15, 2009
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Judiciary

AN ACT to amend the general obligations law, in  relation  to  extending
  from  3  days  to  5  days the period to cancel a lease of oil and gas
  rights

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision 5 of section 5-333 of the general obligations
law, as added by chapter 386 of the laws of 2005, is amended to read  as
follows:
  5.  On  or after January first, two thousand six, any oil or gas lease
shall contain the following statement printed in at least ten point bold
type:
  THIS IS A LEASE OF OIL AND GAS RIGHTS, NOT A  SALE,  CONTAINING  TERMS
THAT  MAY  BE NEGOTIATED BY YOU. YOU HAVE THE RIGHT TO CANCEL THIS LEASE
WITHIN [THREE] FIVE BUSINESS DAYS AFTER EXECUTION OF THE LEASE BY  NOTI-
FYING  THE  LESSEE  THAT  YOU  HAVE  CANCELED THIS CONTRACT. IN ORDER TO
CANCEL THIS LEASE, YOU MUST EXECUTE A NOTICE OF CANCELLATION IN THE FORM
PROVIDED BELOW, MAIL IT TO THE LESSEE AND REFUND ALL AMOUNTS PAID TO YOU
BY THE LESSEE WITHIN THE [THREE-DAY] FIVE-DAY CANCELLATION  PERIOD.  THE
MAILING  MUST BE POSTMARKED WITHIN THE [THREE-DAY] FIVE-DAY CANCELLATION
PERIOD TO BE EFFECTIVE.
                   NOTICE OF CANCELLATION
         I/WE HEREBY CANCEL THIS LEASE.
  DATED:
  SIGNATURE(S):
  THE PERSON PRESENTING THIS LEASE TO YOU IS [ ] NOT [ ] A MEMBER OF
  (name of organization)        AND THEREFORE IS [ ] IS NOT [ ]  SUBJECT
TO  A  CODE  OF  CONDUCT.  IF THE PERSON PRESENTING THIS LEASE TO YOU IS
SUBJECT TO A CODE OF CONDUCT, A COPY OF THE  CODE  OF  CONDUCT  MUST  BE
PRESENTED  TO  YOU  WITH  THIS LEASE. IF APPLICABLE, THE CODE OF CONDUCT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03140-01-9

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