Assembly Bill A8479

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

                                  8479

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 17, 2011
                               ___________

Introduced  by  M.  of A. LIFTON, P. RIVERA, JAFFEE, ROSENTHAL -- Multi-
  Sponsored by -- M. of A.  DINOWITZ, GLICK, GOTTFRIED,  NOLAN  --  read
  once and referred to the Committee on Governmental Operations

AN ACT to amend the executive law and the real property law, in relation
  to establishing an oil, gas or mineral land leases clearinghouse

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

  Section 1. The executive law is amended by adding a new section  100-a
to read as follows:
  S 100-A. OIL, GAS OR MINERAL LAND LEASES CLEARINGHOUSE. 1. THE DEPART-
MENT  SHALL  ESTABLISH  AN OIL, GAS OR MINERAL LAND LEASES CLEARINGHOUSE
FOR THE PURPOSE OF COLLECTING AND MAINTAINING ALL OIL,  GAS  OR  MINERAL
LAND  LEASES  GIVEN ON LAND SITUATED IN ANY COUNTY OF NEW YORK STATE AND
RECORDED THEREIN, SUBMITTED TO THE DEPARTMENT PURSUANT  TO  SECTION  TWO
HUNDRED  NINETY-ONE  OF  THE REAL PROPERTY LAW, ENTERED INTO ON OR AFTER
THE EFFECTIVE DATE OF THIS SECTION.
  2. THE OIL, GAS OR MINERAL LAND LEASES CLEARINGHOUSE SHALL ESTABLISH A
METHOD FOR:
  (A) THE COLLECTION OF ALL OIL, GAS OR  MINERAL  LAND  LEASES  IN  BOTH
PHYSICAL AND ELECTRONIC FORMAT;
  (B)  THE  MAINTENANCE OF ALL OIL, GAS OR MINERAL LAND LEASES SUBMITTED
TO THE DEPARTMENT PURSUANT TO SECTION TWO HUNDRED NINETY-ONE OF THE REAL
PROPERTY LAW; AND
  (C) PUBLIC ACCESS TO A USER-FRIENDLY ELECTRONIC DATABASE OF ALL LEASES
IN THE STATE'S OIL, GAS OR MINERAL LAND LEASES CLEARINGHOUSE, FOR  TITLE
SEARCHES,  REAL  PROPERTY  ASSESSMENT  AND APPRAISAL, REAL ESTATE TRANS-
ACTION, AND ANY OTHER RELEVANT PUBLIC PURPOSE.
  S 2. Section 291 of the real property law, as amended by  chapter  447
of the laws of 1984, is amended to read as follows:
  S 291. Recording of conveyances.  A conveyance of real property, with-
in  the  state,  on  being duly acknowledged by the person executing the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11749-03-1
              

A. 8479                             2

same, or proved as required by this chapter, and such acknowledgment  or
proof  duly  certified when required by this chapter, may be recorded in
the office of the clerk of the county where such real property is  situ-
ated,  and  such  county  clerk shall, upon the request of any party, on
tender of the lawful fees therefor, record the same in his said  office,
PROVIDED,  HOWEVER,  IN  ADDITION  TO  ANY OTHER FILING AND/OR RECORDING
REQUIREMENTS REQUIRED PURSUANT TO THIS ARTICLE OR ANY OTHER PROVISION OF
LAW, ANY OIL, GAS OR MINERAL LAND LEASE ENTERED INTO  ON  OR  AFTER  THE
EFFECTIVE  DATE  OF  THE CHAPTER OF THE LAWS OF TWO THOUSAND ELEVEN THAT
AMENDED THIS SECTION, SHALL BE SUBMITTED BY THE LESSEE TO THE  OIL,  GAS
OR MINERAL LAND LEASES CLEARINGHOUSE ESTABLISHED PURSUANT TO SECTION ONE
HUNDRED-A OF THE EXECUTIVE LAW. Every such conveyance not so recorded is
void  as  against  any  person who subsequently purchases or acquires by
exchange or contracts to purchase or acquire by exchange, the same  real
property  or  any portion thereof, or acquires by assignment the rent to
accrue therefrom as provided in section  two  hundred  ninety-four-a  of
[the  real  property law] THIS ARTICLE, in good faith and for a valuable
consideration, from the same vendor or  assignor,  his  distributees  or
devisees,  and  whose  conveyance,  contract or assignment is first duly
recorded, and is void as against the lien upon the same real property or
any portion thereof arising from payments made upon the execution of  or
pursuant  to the terms of a contract with the same vendor, his distribu-
tees or devisees, if such contract is made in good faith  and  is  first
duly recorded.  Notwithstanding the foregoing, any increase in the prin-
cipal  balance  of  a mortgage lien by virtue of the addition thereto of
unpaid interest in accordance with  the  terms  of  the  mortgage  shall
retain  the  priority  of  the  original  mortgage  lien as so increased
provided that any such mortgage  instrument  sets  forth  its  terms  of
repayment.
  S 3. This act shall take effect immediately.