S T A T E O F N E W Y O R K
________________________________________________________________________
842
2013-2014 Regular Sessions
I N A S S E M B L Y
(PREFILED)
January 9, 2013
___________
Introduced by M. of A. LIFTON, JAFFEE, ROSENTHAL, ENGLEBRIGHT, ABINANTI
-- Multi-Sponsored by -- M. of A. DINOWITZ, GLICK, GOTTFRIED -- read
once and referred to the Committee on Judiciary
AN ACT to amend the real property law, in relation to excluding oil, gas
or mineral land leases from leases that may be recorded by memorandum
of lease
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 291-c of the real property law, as added by chapter
602 of the laws of 1957, is amended to read as follows:
S 291-c. Recording memoranda of leases. In lieu of the recording of a
lease for a term exceeding three years, pursuant to section two hundred
ninety-one of this [chapter] ARTICLE, there may be recorded with like
effect a memorandum of such lease, executed by all persons who are
parties to the lease, and acknowledged or proved, and certified, in the
manner to entitle a conveyance to be recorded; PROVIDED, HOWEVER, THE
PROVISIONS OF THIS SECTION SHALL NOT APPLY TO THE RECORDING OF OIL, GAS
OR MINERAL LAND LEASES. A memorandum of lease thus entitled to be
recorded shall contain at least the following information with respect
to the lease: the name of the lessor and the name of the lessee and the
addresses, if any, set forth in the lease as addresses of such parties;
a reference to the lease, with its date of execution; a description of
the leased premises in the form contained in the lease; the term of the
lease, with the date of commencement and the date of termination of such
term, and if there is a right of extension or renewal, the maximum peri-
od for which or date to which the lease may be extended or the number of
times or date to which it may be renewed, and the date or dates on which
such rights of extension or renewal are exercisable.
Whenever a memorandum of lease is presented for recording, the lease
shall also be submitted to the recording officer for the purpose of
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02503-01-3
A. 842 2
examination to determine whether or not such memorandum of lease is
subject to the tax on mortgages provided by article eleven of the tax
law.
S 2. This act shall take effect immediately and shall apply to all
agreements, leases and contracts entered into, issued, renewed,
extended, altered or modified on or after such effective date.