Assembly Bill A5390

2015-2016 Legislative Session

Requires a certain statement to be included in all oil, gas or mineral leases

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A5390 (ACTIVE) - Details

Current Committee:
Assembly Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §5-333, Gen Ob L
Versions Introduced in Other Legislative Sessions:
2011-2012: A8483
2013-2014: A839
2017-2018: A2654

2015-A5390 (ACTIVE) - Summary

Requires a certain statement, to be printed in at least ten point bold type and included in all oil, gas or mineral leases which notifies the lessee of the potential effects of such lease.

2015-A5390 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5390

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 20, 2015
                               ___________

Introduced by M. of A. LIFTON, JAFFEE, ROSENTHAL, ENGLEBRIGHT, ABINANTI,
  TITONE -- Multi-Sponsored by -- M. of A. DINOWITZ, GLICK, GOTTFRIED --
  read once and referred to the Committee on Judiciary

AN  ACT to amend the general obligations law, in relation to requiring a
  certain statement to be included in all oil, gas or mineral leases

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 5-333 of the general obligations law is amended by
adding a new subdivision 5-a to read as follows:
  5-A. ON OR AFTER JANUARY FIRST, TWO THOUSAND SIXTEEN, ANY OIL, GAS  OR
MINERAL  LEASE SHALL CONTAIN THE FOLLOWING STATEMENT PRINTED IN AT LEAST
TEN POINT BOLD TYPE:
EXECUTION OF A VALID OIL, GAS OR MINERAL LEASE MAY IN  SOME  SITUATIONS,
PREVENT  YOUR  PROPERTY  FROM  BEING  ELIGIBLE  FOR  TITLE INSURANCE, OR
PREVENT LENDING INSTITUTIONS FROM BEING ABLE  TO  ISSUE  A  MORTGAGE  ON
LEASED  PROPERTY,  OR  NEIGHBORING PROPERTY, THEREBY, IN ALL LIKELIHOOD,
LOWERING THE OVERALL VALUE OF YOUR HOME AND LAND.
  S 2. This act shall take effect immediately, and shall  apply  to  all
agreements,   leases   and  contracts  entered  into,  issued,  renewed,
extended, altered or modified on or after such effective date.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03963-01-5

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