Bill Text: NY S02902 | 2017-2018 | General Assembly | Introduced
Bill Title: Relates to requiring recordation of modification agreements pertaining to land interests in natural resources.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-01-03 - REFERRED TO JUDICIARY [S02902 Detail]
Download: New_York-2017-S02902-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2902 2017-2018 Regular Sessions IN SENATE January 18, 2017 ___________ Introduced by Sen. RITCHIE -- 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 recordation of certain lease modifications The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 291-cc of the real property law is amended by 2 adding a new subdivision 2-a to read as follows: 3 2-a. A modification of a lease agreement involving rights or inter- 4 ests in oil, gas, minerals or similar natural resources shall be 5 recorded with the clerk of the county where such real property is 6 located. Such modification shall contain, in addition to the information 7 specified in subdivision two of this section, the signature of both the 8 lessee and lessor. 9 It shall be the obligation of the lessee to record the modification 10 pursuant to this subdivision. Failure to record such modification within 11 thirty days of execution of such agreement shall result in a civil 12 penalty. 13 In no case shall a modification filed pursuant to this subdivision 14 assign rights or interests for more than ten distinct parcels of real 15 property. 16 § 2. This act shall take effect immediately and shall apply to modifi- 17 cation agreements entered into on and after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08235-01-7