Bill Text: NY A05380 | 2015-2016 | 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) 2016-01-06 - referred to governmental operations [A05380 Detail]

Download: New_York-2015-A05380-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5380
                              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 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    S 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    S 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    S 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.
                                                                  LBD03973-01-5
       A. 5380                             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 FIFTEEN 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    S 3. This act shall take effect immediately.