What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5898
Title of bill
An act to amend the real property law, in relation to requiring signatures of both parties to a lease to record a modification, extension or renewal of an oil, gas or mineral land lease
Purpose
To amend the real property law, in relation to requiring signatures of both parties to a lease to record a modification, extension or renewal of an oil, gas or mineral land lease.
Summary of provisions
The bill adds a new provision to real property law in relation to the recording of a modification, extension or renewal of an oil, gas, or mineral lease, requiring that such modification, extension or renewal be duly acknowledged by both parties to a lease.
Existing law
Section 291-cc of the real property law.
Justification
County clerks across New York State have increasingly, over the past year or so, been presented with oil, gas and mineral lease extensions which bear only the signature of a representative of the lessee company which has acquired a mineral interest. The unilateral extensions are delivered by couriers who operate on behalf of the lessee company who report that the landowners at issue have been notified of their lease extension. However, without a duly-acknowledged signature of both parties to a lease, there is no way for a county clerk to verify that a landowner has knowledge of the extension. In fact, landowners have reported that they were unaware of lease extension on their property. This legislation will clarify that a valid lease extension or modification must require the signature of both parties.
Legislative history
None.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.