ALBANY - Gov. Eliot Spitzer has vetoed a bill that would have prevented people from taking ownership of properties through a centuries-old statute commonly known as “squatters rights.”

The governor also vetoed bills that would have limited the amount of lead that can be used in jewelry and eased financial oversight requirements on the city of Buffalo. The governor signed several bills into law as well.

The squatter's rights legislation would have changed the state's “adverse possession” law, which dates back to English common law and allows a person to take title to a property he uses for 10 years or more, without objection from its actual owner, even if that person knew the land wasn't his to begin with.

The bill, introduced in April by State Sen. Betty Little, R-Queensbury, would have changed the law to prevent such a transfer of ownership when the person knows the property belongs to someone else.

In a memo justifying his veto, Spitzer said the bill may appear to improve the law, but it could create a flood of lawsuits because it would make it difficult for property owners to know when the statute of limitations had run.

“I cannot approve a bill that undermines this statute of limitations and thus leaves property ownership rights so uncertain,” Spitzer said.

Proponents of the bill were disappointed by the veto.

“This measure would not have overturned the entire adverse possession legal mechanism,” Little said in a statement. “It would, however, have addressed those situations, for example, in which someone mows their neighbor's grass or plants some shrubs in the hope that they may eventually claim the property as their own.”

The governor also vetoed a bill that would have barred the distribution and sale of jewelry containing high levels of lead and required jewelry makers to submit to state testing.

Proponents of the bill, introduced by Assemblyman David Koon, D-Perinton, said high concentrations of lead are consistently found in jewelry, particularly inexpensive jewelry marketed to children.

Spitzer said there were many problems with the bill, including that the lead levels the legislation would have allowed were too high to adequately protect children. The governor also said he was concerned that the state wouldn't be able to enforce the proposed regulations, and pointed out several “technical flaws” in the bill's language.

The governor said he has directed his staff to work with lawmakers to develop legislation to address the problem of lead in jewelry.

Spitzer also vetoed a bill that would have taken the city of Buffalo out from under the oversight of the Buffalo Fiscal Stability Authority, which was created in 2003 to provide financial assistance and provide budget oversight to the city.

The bill proposed easing the criteria to lift the oversight provisions by next July. Spitzer said doing so would set a bad precedent.

He also signed several bills into law including:

€ A measure allowing local governments to grant property tax breaks to “Cold War” veterans who served at least a year in the military between Sept. 2, 1945 and Dec. 26, 1991.

€ A ban on electrocuting chinchillas, mink, muskrats, beavers and other fur-bearing animals.

€ A federally funded Veteran Burial Fund that would reimburse families of veterans up to $2,500 for burial costs. The fund would only be established if the federal government grants the money.

€ New rules requiring New York City school cafeterias to be adequately heated and cooled.

€ An extension of the Buffalo Fiscal Stability Authority, created to provide financial assistance and budget oversight to the city of Buffalo, through next July.

€ New rules requiring state contractors to print on workers pay stubs the wages they are entitled to when they work on public projects.