Assembly Bill A8483

2011-2012 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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2011-A8483 (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:
2013-2014: A839
2015-2016: A5390
2017-2018: A2654

2011-A8483 (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.

2011-A8483 (ACTIVE) - Bill Text download pdf 

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

                                  8483

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 17, 2011
                               ___________

Introduced  by  M.  of A. LIFTON, P. RIVERA, JAFFEE, ROSENTHAL -- Multi-
  Sponsored by -- M. of A.  DINOWITZ, GLICK, GOTTFRIED,  NOLAN  --  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 TWELVE, 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.
                                                           LBD11897-02-1

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