Bill Text: NY A02498 | 2017-2018 | General Assembly | Introduced

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Bill Title: Requires oil, gas or mineral land lease to be recorded within thirty days of execution.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2018-01-03 - referred to real property taxation [A02498 Detail]

Download: New_York-2017-A02498-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2498
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    January 20, 2017
                                       ___________
        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 Real Property Taxation
        AN ACT to amend the real property law, in relation to requiring oil, gas
          or mineral land leases to be recorded within thirty days of execution
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 291 of the real property law, as amended by chapter
     2  447 of the laws of 1984, is amended to read as follows:
     3    § 291.  Recording of conveyances.  1. A conveyance of  real  property,
     4  within the state, on being duly acknowledged by the person executing the
     5  same,  or proved as required by this chapter, and such acknowledgment or
     6  proof duly certified when required by this chapter, may be  recorded  in
     7  the  office of the clerk of the county where such real property is situ-
     8  ated, and such county clerk shall, upon the request  of  any  party,  on
     9  tender  of the lawful fees therefor, record the same in his said office.
    10  Every such conveyance not so recorded is void as against any person  who
    11  subsequently  purchases or acquires by exchange or contracts to purchase
    12  or acquire by exchange, the same real property or any  portion  thereof,
    13  or  acquires  by  assignment the rent to accrue therefrom as provided in
    14  section two hundred ninety-four-a of [the real property law] this  arti-
    15  cle,  in  good  faith  and  for  a valuable consideration, from the same
    16  vendor or assignor, his distributees or devisees, and whose  conveyance,
    17  contract  or  assignment  is first duly recorded, and is void as against
    18  the lien upon the same real property or any portion thereof arising from
    19  payments made upon the execution of  or  pursuant  to  the  terms  of  a
    20  contract  with  the  same  vendor, his distributees or devisees, if such
    21  contract is made in good faith and is first  duly  recorded.    Notwith-
    22  standing the foregoing, any increase in the principal balance of a mort-
    23  gage  lien  by  virtue  of  the  addition  thereto of unpaid interest in
    24  accordance with the terms of the mortgage shall retain the  priority  of
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07914-01-7
        A. 2498                             2
     1  the  original mortgage lien as so increased provided that any such mort-
     2  gage instrument sets forth its terms of repayment.
     3    2.  Notwithstanding any other provision of law, any conveyance of real
     4  property within the state, that is an oil, gas or  mineral  land  lease,
     5  shall be recorded within thirty days from execution of such lease.
     6    §  2.  This  act  shall take effect immediately and shall apply to all
     7  leases entered into on or after such effective date.