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Senate Bill S5899

2011-2012 Legislative Session

Requires oil, gas or mineral land lease to be recorded within thirty days of execution

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Archive: Last Bill Status - In Senate Committee Judiciary Committee

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2011-S5899 (ACTIVE) - Details

See Assembly Version of this Bill:
A8485
Current Committee:
Senate Judiciary
Law Section:
Real Property Law
Laws Affected:
Amd ยง291, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: A844
2015-2016: A5383
2017-2018: A2498

2011-S5899 (ACTIVE) - Summary

Requires oil, gas or mineral land lease to be recorded within thirty days of execution.

2011-S5899 (ACTIVE) - Sponsor Memo

2011-S5899 (ACTIVE) - Bill Text download pdf 

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

                                  5899

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                           September 30, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

AN ACT to amend the real property law, in relation to requiring oil, gas
  or mineral land leases to be recorded within thirty days of execution

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

  Section 1. 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.  1. A conveyance of real property,
within the state, on being duly acknowledged by the person executing the
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.
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, in good
faith and for a valuable consideration, from the same vendor  or  assig-
nor,  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 distributees or devisees, if such contract is  made  in
good  faith  and is first duly recorded.  Notwithstanding the foregoing,
any increase in the principal 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13058-01-1

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