Bill Text: NY S05899 | 2011-2012 | 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 (Republican 1-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO JUDICIARY [S05899 Detail]

Download: New_York-2011-S05899-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5899
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                  September 30, 2011
                                      ___________
       Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       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    S  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, in good
   15  faith and for a valuable consideration, from the same vendor  or  assig-
   16  nor,  his  distributees  or  devisees, and whose conveyance, contract or
   17  assignment is first duly recorded, and is void as against the lien  upon
   18  the same real property or any portion thereof arising from payments made
   19  upon  the  execution  of or pursuant to the terms of a contract with the
   20  same vendor, his distributees or devisees, if such contract is  made  in
   21  good  faith  and is first duly recorded.  Notwithstanding the foregoing,
   22  any increase in the principal balance of a mortgage lien  by  virtue  of
   23  the  addition thereto of unpaid interest in accordance with the terms of
   24  the mortgage shall retain the priority of the original mortgage lien  as
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD13058-01-1
       S. 5899                             2
    1  so  increased  provided that any such mortgage instrument sets forth its
    2  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    S  2.  This  act  shall take effect immediately and shall apply to all
    7  leases entered into on or after such effective date.