Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 11, 2016 |
referred to judiciary |
Senate Bill S6980
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2015-S6980 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- Real Property Law
- Laws Affected:
- Amd §291-cc, RP L
- Versions Introduced in 2017-2018 Legislative Session:
-
S2902
2015-S6980 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6980 TITLE OF BILL : An act to amend the real property law, in relation to recordation of certain lease modifications PURPOSE : To provide a mechanism for verification for natural resource lease modifications SUMMARY OF PROVISIONS : Section 1 amends § 291-cc of the Real Property Law by adding a new subdivision providing that a modification of a lease agreement involving the rights or interest in oil, gas, minerals, or similar like natural resources shall be recorded with the clerk of the county where such real property is located. Such modification shall contain, in addition the information specified in subdivision two of this section, the signature of both the lessee and lessor. It shall be the obligation of the lessee to record the modification pursuant to this subdivision. Failure to record such modification within 30 days of the execution of such agreement shall result in a civil penalty. Section 2 provides the effective date. EXISTING LAW :
2015-S6980 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6980 I N S E N A T E March 11, 2016 ___________ Introduced by Sen. RITCHIE -- 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 recordation of certain lease modifications THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 291-cc of the real property law is amended by adding a new subdivision 2-a to read as follows: 2-A. A MODIFICATION OF A LEASE AGREEMENT INVOLVING RIGHTS OR INTER- ESTS IN OIL, GAS, MINERALS OR SIMILAR NATURAL RESOURCES SHALL BE RECORDED WITH THE CLERK OF THE COUNTY WHERE SUCH REAL PROPERTY IS LOCATED. SUCH MODIFICATION SHALL CONTAIN, IN ADDITION TO THE INFORMATION SPECIFIED IN SUBDIVISION TWO OF THIS SECTION, THE SIGNATURE OF BOTH THE LESSEE AND LESSOR. IT SHALL BE THE OBLIGATION OF THE LESSEE TO RECORD THE MODIFICATION PURSUANT TO THIS SUBDIVISION. FAILURE TO RECORD SUCH MODIFICATION WITHIN THIRTY DAYS OF EXECUTION OF SUCH AGREEMENT SHALL RESULT IN A CIVIL PENALTY. IN NO CASE SHALL A MODIFICATION FILED PURSUANT TO THIS SUBDIVISION ASSIGN RIGHTS OR INTERESTS FOR MORE THAN TEN DISTINCT PARCELS OF REAL PROPERTY. S 2. This act shall take effect immediately and shall apply to modifi- cation agreements entered into on and after such date. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14636-02-6
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