|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|May 22, 2019||returned to assembly|
3rd reading cal.702
substituted for s3987
|May 22, 2019||substituted by a215|
|May 20, 2019||advanced to third reading|
|May 15, 2019||2nd report cal.|
|May 14, 2019||1st report cal.702|
|Feb 22, 2019||referred to judiciary|
senate Bill S3987
Current Bill Status Via A215 - Passed Senate & Assembly
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3987 (ACTIVE) - Details
S3987 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3987 SPONSOR: STAVISKY TITLE OF BILL: An act to amend the real property law, in relation to ground leases PURPOSE OR GENERAL IDEA OF BILL: Relates to ground leases. SUMMARY OF SPECIFIC PROVISIONS: Section 1 adds a new section 220-a to define a residential ground lease for the purpose of this section as a rental agreement that has a term of at least ten years; is for the use of real property, which may or may not include any improvements or structures; and allows a tenant to construct or substantially improve, renovate, or rehabilitate structures or improvements that include one or more residential dwellings upon such real property. This definition shall exclude real property owned as the common property of an Indian nation, tribe, or band as such lands are protected under federal code.
S3987 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3987 2019-2020 Regular Sessions I N S E N A T E February 22, 2019 ___________ Introduced by Sen. STAVISKY -- 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 ground leases THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property law is amended by adding a new section 220-a to read as follows: § 220-A. RESIDENTIAL GROUND LEASES. 1. DEFINITIONS. FOR THE PURPOSES OF THIS SECTION ONLY, A "RESIDENTIAL GROUND LEASE" SHALL BE DEFINED AS A RENTAL AGREEMENT THAT: (A) HAS A TERM OF AT LEAST TEN YEARS; (B) IS FOR THE USE OF REAL PROPERTY, WHICH MAY OR MAY NOT INCLUDE ANY IMPROVEMENTS OR STRUCTURES, BUT SHALL NOT APPLY TO REAL PROPERTY OWNED AS THE COMMON PROPERTY OF ANY INDIAN NATION, TRIBE, OR BAND AS SUCH LANDS ARE DESCRIBED UNDER AND PROTECTED BY INDIAN LAW AND/OR TITLE 25 OF THE UNITED STATES CODE; AND (C) ALLOWS A TENANT TO CONSTRUCT OR SUBSTANTIALLY IMPROVE, RENOVATE, OR REHABILITATE STRUCTURES OR IMPROVEMENTS THAT INCLUDE ONE OR MORE RESIDENTIAL DWELLINGS UPON SUCH REAL PROPERTY. 2. REFINANCING. (A) IF ANY RESIDENTIAL GROUND LEASE DOES NOT CONTAIN EXPRESS PROVISIONS PROHIBITING A LESSEE FROM ENCUMBERING ITS INTEREST IN A RESIDENTIAL GROUND LEASE, A LESSEE MAY ENCUMBER UP TO AND INCLUDING ITS ENTIRE INTEREST IN SUCH RESIDENTIAL GROUND LEASE. IF SUCH RESIDEN- TIAL GROUND LEASE CONTAINS PROVISIONS RESTRICTING THE LESSEE'S ABILITY TO ENCUMBER ITS INTEREST, THE LESSEE MUST OBTAIN THE LESSOR'S WRITTEN PERMISSION PRIOR TO SUCH ENCUMBRANCE. (B) IF THE LESSEE IS REQUIRED TO OBTAIN THE LESSOR'S PERMISSION TO ENCUMBER THE LESSEE'S INTEREST, THE LESSOR MAY ONLY REFUSE TO GRANT SUCH PERMISSION FOR REASONABLE CAUSE AND MUST PROVIDE THE LESSEE WITH A WRIT- TEN STATEMENT THAT SETS FORTH THE BASIS FOR THE REFUSAL WITHIN FIFTEEN DAYS OF A WRITTEN REQUEST FOR PERMISSION FROM THE LESSEE. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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