S T A T E   O F   N E W   Y O R K
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                                  8485

                       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 Real Property Taxation

AN ACT to amend the real property law, in relation to requiring oil, gas
  or mineral land leases to be recorded within thirty days of execution

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

  Section 1. Section 291 of the real property law, as amended by chapter
447 of the laws of 1984, is amended to read as follows:
  S 291.  Recording of conveyances.  1. A conveyance of  real  property,
within the state, on being duly acknowledged by the person executing the
same,  or proved as required by this chapter, and such acknowledgment or
proof duly certified when required by this chapter, may be  recorded  in
the  office of the clerk of the county where such real property is situ-
ated, and such county clerk shall, upon the request  of  any  party,  on
tender  of the lawful fees therefor, record the same in his said office.
Every such conveyance not so recorded is void as against any person  who
subsequently  purchases or acquires by exchange or contracts to purchase
or acquire by exchange, the same real property or any  portion  thereof,
or  acquires  by  assignment the rent to accrue therefrom as provided in
section two hundred ninety-four-a of the  real  property  law,  in  good
faith  and  for a valuable consideration, from the same vendor or assig-
nor, his distributees or devisees, and  whose  conveyance,  contract  or
assignment  is first duly recorded, and is void as against the lien upon
the same real property or any portion thereof arising from payments made
upon the execution of or pursuant to the terms of a  contract  with  the
same  vendor,  his distributees or devisees, if such contract is made in
good faith and is first duly recorded.   Notwithstanding the  foregoing,
any  increase  in  the principal balance of a mortgage lien by virtue of
the addition thereto of unpaid interest in accordance with the terms  of
the  mortgage shall retain the priority of the original mortgage lien as

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13058-01-1
              

A. 8485                             2

so increased provided that any such mortgage instrument sets  forth  its
terms of repayment.
  2.  NOTWITHSTANDING ANY OTHER PROVISION OF LAW, ANY CONVEYANCE OF REAL
PROPERTY WITHIN THE STATE, THAT IS AN OIL, GAS OR  MINERAL  LAND  LEASE,
SHALL BE RECORDED WITHIN THIRTY DAYS FROM EXECUTION OF SUCH LEASE.
  S  2.  This  act  shall take effect immediately and shall apply to all
leases entered into on or after such effective date.