senate Bill S3987

2019-2020 Legislative Session

Relates to ground leases

download bill text pdf

Sponsored By

Current Bill Status Via A215 - Passed Senate & Assembly


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 22, 2019 returned to assembly
passed senate
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

S3987 (ACTIVE) - Details

See Assembly Version of this Bill:
A215
Law Section:
Real Property Law
Laws Affected:
Add §220-a, RP L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5245, A7269
2015-2016: S3148, A3391
2017-2018: S5219, A353

S3987 (ACTIVE) - Summary

Relates to ground leases.

S3987 (ACTIVE) - Sponsor Memo

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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