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S05288 Summary:

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S05288 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5288
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                      May 12, 2015
                                       ___________
 
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government
 
        AN ACT to amend the real property tax law, in relation to  the  sale  of
          gas, oil, and mineral rights associated with a foreclosed property
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Subdivision 1 of section 1166 of the real property tax law,
     2  as amended by chapter 532 of the laws of 1994, is  amended  to  read  as
     3  follows:
     4    1.  Whenever  any  tax  district shall become vested with the title to
     5  real property by virtue of a foreclosure proceeding brought pursuant  to
     6  the  provisions  of this article, such tax district is hereby authorized
     7  to sell and convey the real property so acquired,  which  shall  include
     8  any and all gas, oil or mineral rights associated with such real proper-
     9  ty,  either  with  or  without advertising for bids, notwithstanding the
    10  provisions of any general, special or local law.
    11    § 2. This act shall take effect on the first of January next  succeed-
    12  ing the date on which it shall have become a law.
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05131-01-5