Bill Text: NY A02510 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to establishing an oil, gas or mineral land leases clearinghouse.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2018-01-03 - referred to governmental operations [A02510 Detail]

Download: New_York-2017-A02510-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2510
                               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 Governmental Operations
        AN ACT to amend the executive law and the real property law, in relation
          to establishing an oil, gas or mineral land leases clearinghouse
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The executive law is amended by adding a new section  100-a
     2  to read as follows:
     3    § 100-a. Oil, gas or mineral land leases clearinghouse. 1. The depart-
     4  ment  shall  establish  an oil, gas or mineral land leases clearinghouse
     5  for the purpose of collecting and maintaining all oil,  gas  or  mineral
     6  land  leases  given on land situated in any county of New York state and
     7  recorded therein, submitted to the department pursuant  to  section  two
     8  hundred  ninety-one  of  the real property law, entered into on or after
     9  the effective date of this section.
    10    2. The oil, gas or mineral land leases clearinghouse shall establish a
    11  method for:
    12    (a) the collection of all oil, gas or  mineral  land  leases  in  both
    13  physical and electronic format;
    14    (b)  the  maintenance of all oil, gas or mineral land leases submitted
    15  to the department pursuant to section two hundred ninety-one of the real
    16  property law; and
    17    (c) public access to a user-friendly electronic database of all leases
    18  in the state's oil, gas or mineral land leases clearinghouse, for  title
    19  searches,  real  property  assessment  and appraisal, real estate trans-
    20  action, and any other relevant public purpose.
    21    § 2. Section 291 of the real property law, as amended by  chapter  447
    22  of the laws of 1984, is amended to read as follows:
    23    § 291. Recording of conveyances.  A conveyance of real property, with-
    24  in  the  state,  on  being duly acknowledged by the person executing the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07912-01-7
        A. 2510                             2
     1  same, or proved as required by this chapter, and such acknowledgment  or
     2  proof  duly  certified when required by this chapter, may be recorded in
     3  the office of the clerk of the county where such real property is  situ-
     4  ated,  and  such  county  clerk shall, upon the request of any party, on
     5  tender of the lawful fees therefor, record the same in his said  office,
     6  provided,  however,  in  addition  to  any other filing and/or recording
     7  requirements required pursuant to this article or any other provision of
     8  law, any oil, gas or mineral land lease entered into  on  or  after  the
     9  effective date of the chapter of the laws of two thousand seventeen that
    10  amended  this  section, shall be submitted by the lessee to the oil, gas
    11  or mineral land leases clearinghouse established pursuant to section one
    12  hundred-a of the executive law. Every such conveyance not so recorded is
    13  void as against any person who subsequently  purchases  or  acquires  by
    14  exchange  or contracts to purchase or acquire by exchange, the same real
    15  property or any portion thereof, or acquires by assignment the  rent  to
    16  accrue  therefrom  as  provided  in section two hundred ninety-four-a of
    17  [the real property law] this article, in good faith and for  a  valuable
    18  consideration,  from  the  same  vendor or assignor, his distributees or
    19  devisees, and whose conveyance, contract or  assignment  is  first  duly
    20  recorded, and is void as against the lien upon the same real property or
    21  any  portion thereof arising from payments made upon the execution of or
    22  pursuant to the terms of a contract with the same vendor, his  distribu-
    23  tees  or  devisees,  if such contract is made in good faith and is first
    24  duly recorded.  Notwithstanding the foregoing, any increase in the prin-
    25  cipal balance of a mortgage lien by virtue of the  addition  thereto  of
    26  unpaid  interest  in  accordance  with  the  terms of the mortgage shall
    27  retain the priority of  the  original  mortgage  lien  as  so  increased
    28  provided  that  any  such  mortgage  instrument  sets forth its terms of
    29  repayment.
    30    § 3. This act shall take effect immediately.