|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to judiciary|
|Jan 05, 2011||referred to judiciary|
senate Bill S750
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S750 - Details
S750 - Sponsor Memo
BILL NUMBER:S750 TITLE OF BILL: 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 PURPOSE: To extend the cancellation period for a gas or oil lease from three days to five days. SUMMARY OF PROVISIONS: Section 5-333 of General Obligations Law is amended to allow for the extension of the cancellation period for a gas or oil lease from three to five days. JUSTIFICATION: Discovery of oil and gas accumulations and advances in technology are bringing renewed opportunity for leasing activity in New York's Southern Tier. Landowners have an opportunity to lease or convey their real property rights to oil and gas exploration and production. Landowners should control this relationship through their lease contract where the rights and duties of oil and gas exploration and producing companies should be clearly delineated. Payment of royalties for actual oil and gas produced, use of property for production (i.e. roads, pipeline placement, etc.), crop and property
S750 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 750 2011-2012 Regular Sessions I N S E N A T E (PREFILED) January 5, 2011 ___________ Introduced by Sen. YOUNG -- read twice and ordered printed, and when printed to be committed 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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