Bill Text: NY A05391 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 5391 (Prior Session Legislation)

Introduced

Bill Title: Relates to excluding oil, gas and mineral land leases from leases that may be recorded by memorandum of lease.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2016-01-06 - referred to judiciary [A05391 Detail]

Download: New_York-2015-A05391-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5391
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 20, 2015
                                      ___________
       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:
    1    Section 1. Section 291-c of the real property law, as added by chapter
    2  602 of the laws of 1957, is amended to read as follows:
    3    S 291-c. Recording memoranda of leases.  In lieu of the recording of a
    4  lease  for a term exceeding three years, pursuant to section two hundred
    5  ninety-one of this [chapter] ARTICLE, there may be  recorded  with  like
    6  effect  a  memorandum  of  such  lease,  executed by all persons who are
    7  parties to the lease, and acknowledged or proved, and certified, in  the
    8  manner  to  entitle  a conveyance to be recorded; PROVIDED, HOWEVER, THE
    9  PROVISIONS OF THIS SECTION SHALL NOT APPLY TO THE RECORDING OF OIL,  GAS
   10  OR  MINERAL  LAND  LEASES.  A  memorandum  of  lease thus entitled to be
   11  recorded shall contain at least the following information  with  respect
   12  to  the lease: the name of the lessor and the name of the lessee and the
   13  addresses, if any, set forth in the lease as addresses of such  parties;
   14  a  reference  to the lease, with its date of execution; a description of
   15  the leased premises in the form contained in the lease; the term of  the
   16  lease, with the date of commencement and the date of termination of such
   17  term, and if there is a right of extension or renewal, the maximum peri-
   18  od for which or date to which the lease may be extended or the number of
   19  times or date to which it may be renewed, and the date or dates on which
   20  such rights of extension or renewal are exercisable.
   21    Whenever  a  memorandum of lease is presented for recording, the lease
   22  shall also be submitted to the recording  officer  for  the  purpose  of
   23  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.
                                                                  LBD03958-01-5
       A. 5391                             2
    1  subject to the tax on mortgages provided by article eleven  of  the  tax
    2  law.
    3    S  2.  This  act  shall take effect immediately and shall apply to all
    4  agreements,  leases  and  contracts  entered  into,   issued,   renewed,
    5  extended, altered or modified on or after such effective date.