STATE OF NEW YORK
________________________________________________________________________
6980
IN SENATE
March 11, 2016
___________
Introduced by Sen. RITCHIE -- read twice and ordered printed, and when
printed to be committed to the Committee on Judiciary
AN ACT to amend the real property law, in relation to recordation of
certain lease modifications
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 291-cc of the real property law is amended by
2 adding a new subdivision 2-a to read as follows:
3 2-a. A modification of a lease agreement involving rights or inter-
4 ests in oil, gas, minerals or similar natural resources shall be
5 recorded with the clerk of the county where such real property is
6 located. Such modification shall contain, in addition to the information
7 specified in subdivision two of this section, the signature of both the
8 lessee and lessor.
9 It shall be the obligation of the lessee to record the modification
10 pursuant to this subdivision. Failure to record such modification within
11 thirty days of execution of such agreement shall result in a civil
12 penalty.
13 In no case shall a modification filed pursuant to this subdivision
14 assign rights or interests for more than ten distinct parcels of real
15 property.
16 § 2. This act shall take effect immediately and shall apply to modifi-
17 cation agreements entered into on and after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14636-02-6
