Bill Text: NY A08480 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 8480 (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 10-0)

Status: (Introduced - Dead) 2012-01-04 - referred to judiciary [A08480 Detail]

Download: New_York-2011-A08480-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8480
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 17, 2011
                                      ___________
       Introduced  by  M.  of A. LIFTON, P. RIVERA, JAFFEE, ROSENTHAL -- Multi-
         Sponsored by -- M. of A.  DINOWITZ, GLICK, GOTTFRIED,  NOLAN  --  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, there may be recorded  with  like  effect  a
    6  memorandum of such lease, executed by all persons who are parties to the
    7  lease, and acknowledged or proved, and certified, in the manner to enti-
    8  tle  a  conveyance  to be recorded; PROVIDED, HOWEVER, THE PROVISIONS OF
    9  THIS SECTION SHALL NOT APPLY TO THE RECORDING OF  OIL,  GAS  OR  MINERAL
   10  LAND  LEASES.  A  memorandum of lease thus entitled to be recorded shall
   11  contain at least the following information with respect  to  the  lease:
   12  the  name of the lessor and the name of the lessee and the addresses, if
   13  any, set forth in the lease as addresses of such parties; a reference to
   14  the lease, with its date of execution; a description of the leased prem-
   15  ises in the form contained in the lease; the term of the lease, with the
   16  date of commencement and the date of termination of such  term,  and  if
   17  there  is  a right of extension or renewal, the maximum period for which
   18  or date to which the lease may be extended or the  number  of  times  or
   19  date  to  which  it  may be renewed, and the date or dates on which such
   20  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.
                                                                  LBD11763-03-1
       A. 8480                             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.