New York State Assembly SB6980: Relates to requiring recordation of modification agreements pertaining to land interests in natural resources.

New York State Assembly SB6980:  Relates to requiring recordation of modification agreements pertaining to land interests in natural resources.
        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.

Read More:  http://assembly.state.ny.us/leg/?default_fld=&bn=SB6980&term=2015&Summary=Y&Actions=Y&Memo=Y&Text=Y

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