S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2511
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 20, 2017
                                ___________
 
 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:
   § 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.
              

                                                            LBD07917-01-7

 A. 2511                             2
 
 subject to the tax on mortgages provided by article eleven  of  the  tax
 law.
   §  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.