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History
- Referred to judiciary
- Referred to judiciary
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to excluding oil, gas or mineral land leases from leases that may be recorded by memorandum of lease
In Assembly Committee · Judiciary · Sponsor Barbara Lifton
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4879
Title of bill
An act to amend the real property law, in relation to excluding oil, gas or mineral land leases from leases that may be recorded by memorandum of lease
Purpose
To provide more information to persons purchasing real property regarding oil, gas or mineral land leases.
Summary of provisions
This legislation would amend Real Property law to require more detailed information on oil, gas, and mineral leases be filed with property deeds, instead of the current provisions, which only requires filing of a memorandum of lease.
Existing law
Section 291-c of the real property law.
Justification
Often, after executing an oil, gas, or mineral lease in New York State, the lessee will record a "memorandum of lease" with the relevant county clerk's office. Such a memorandum provides only the bare minimum of information for public review about each specific lease agreement. Accordingly, the real estate industry in counties that have many oil and gas leases, which have increased exponentially over the past several years due to the possibility of shale gas extraction in the Marcellus play, has been greatly affected. Residential property valuation can be heavily dependent upon the specific terms of an oil, gas, or mineral lease. Notably, the duration of a lease, any easements or surface rights granted to a lessee, among other concerns, can directly impact a property's value. Also, the existence of a lease on one's land, or even on neighboring property given the lending institutions' setback requirements, can impair the viability of a home to be eligible for title insurance or a mortgage. This is critical information for valuation of real property; therefore, the exact terms of a lease must be available to both assessors and lending institutions.
Legislative history
2013 A.842 (Similar) Lifton - Referred to Judiciary. 2011 - 2012 A.8480 (Similar) Lifton - Died in Judiciary.
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.