§ 291-e. Exceptions, reservations and recitals referring to unrecorded
conveyances and contracts for sale of real property. 1. This section
applies to any language, contained in a conveyance of real property in
this state, which (a) excepts or reserves a part or any or all parts of
the described premises which have been or may have been previously
conveyed, or previously contracted to be sold or exchanged, by the
grantor or by a previous owner, or (b) otherwise indicates that the
premises or some part or parts thereof have been or may have been
previously conveyed or that a contract has been or may have been
previously made for the sale or exchange of all or some part or parts
thereof, or (c) indicates that only such part of the premises described
is intended to be conveyed as the grantor, or a previous owner, has not
previously conveyed or has not previously contracted to sell or
exchange, and, in any of the cases described in this subdivision, fails
to identify the premises previously conveyed or contracted to be sold or
exchanged in any other manner than by indicating that a conveyance or
contract has previously been made or indicating the fact or possibility
that one or more conveyances or contracts have been or may have been
previously made.

2. An exception, reservation or recital described in subdivision one
of this section is (a) void as against a subsequent purchaser in good
faith and for a valuable consideration, who has no other notice of the
identity of the premises to which it refers, and (b) ineffective to give
notice to such subsequent purchaser of the previous conveyance or
contract so referred to or create any duty of inquiry with respect
thereto, unless, in either case, such previous conveyance or contract is
sufficient to identify the premises to which the exception, reservation
or recital refers and is recorded as provided in this article before the
recording of the instrument by which the subsequent purchaser acquires
his estate or interest.

3. For the purposes of this section,

(a) "Purchaser" includes a person who purchases or acquires by
exchange or contracts to purchase or acquire by exchange the same
premises or any portion thereof or estate or interest therein, or
acquires by assignment the rent to accrue from tenancies or subtenancies
thereof in existence at the time of the assignment.

(b) Contract for sale includes an option to purchase or lease.

(c) A lease, or a contract or option, is recorded when a memorandum
thereof is recorded as provided in section two hundred ninety-one-c or
section two hundred ninety-four of this chapter.

(d) The recording of a contract or option, or memorandum thereof,
pursuant to section two hundred ninety-four of this chapter, is
effective up to and including the thirtieth day after the day fixed
therein for the conveyance of title, or the thirtieth day after the last
day fixed therein for the exercise of the option, provided, that if a
written declaration of the exercise of the option has been recorded as
provided in subdivision seven of section two hundred ninety-four, the
recording of the option is effective to and including the thirtieth day
after the last day fixed pursuant to the option agreement for the
conveyance of title or the execution and delivery of the lease, as the
case may be. An agreement extending the time for the conveyance of
title, acknowledged or proved, and certified, in the manner to entitle a
conveyance to be recorded, may be recorded, and the recording shall be
effective up to and including the thirtieth day after the day fixed by
such agreement for the conveyance of title.

4. This section shall not impair the effect of an exception,
reservation or recital to limit any warranty of the grantor in the
conveyance in which it is contained.

5. This section shall apply where the instrument by which the
subsequent purchaser acquires his estate or interest is executed on or
after September first, nineteen hundred sixty, except that where the
conveyance containing an exception, reservation or recital described in
subdivision one of this section was executed before September first,
nineteen hundred sixty, this section shall apply only where the
instrument by which the subsequent purchaser acquires his estate or
interest is executed on or after September first, nineteen hundred
sixty-one.