|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to judiciary|
|Apr 29, 2013||referred to judiciary|
senate Bill S4879
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4879 - Details
S4879 - Summary
Relates to excluding oil, gas and mineral land leases from leases that may be recorded by memorandum of lease.
S4879 - Sponsor Memo
BILL NUMBER:S4879 TITLE OF BILL: 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 PURPOSE: To provide more information to persons purchasing real property regarding oil, gas or mineral land leases. SUMMARY OF PROVISIONS: This legislation would amend Real Property law to require more detailed information on oil, gas, and mineral leases be filed with property deeds, instead of the current provisions, which only requires filing of a memorandum of lease. EXISTING LAW: Section 291-c of the real property law. JUSTIFICATION: Often, after executing an oil, gas, or mineral lease in New York State, the lessee will record a "memorandum of lease" with the relevant county clerk's office. Such a memorandum provides only the bare minimum of information for public review about each specific lease agreement. Accordingly, the real estate industry in counties that have many oil and gas leases, which have increased exponentially over the past several years due to the possibility of shale gas extraction in the Marcellus play, has been greatly affected. Residential property valuation can be heavily dependent upon the specific terms of an oil, gas, or mineral lease. Notably, the duration
S4879 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4879 2013-2014 Regular Sessions I N S E N A T E April 29, 2013 ___________ Introduced by Sens. TKACZYK, ADDABBO, DILAN, KRUEGER, PARKER -- read twice and ordered printed, and when printed to be committed 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 examination to determine whether or not such memorandum of lease is EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02503-01-3
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