|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 02, 2014||referred to judiciary|
senate Bill S6938
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S6938 - Details
- See Assembly Version of this Bill:
- Law Section:
- Estates, Powers and Trusts Law
- Laws Affected:
- Add §1-2.1-a, amd §§8-1.5 & 8-1.6, EPT L; amd §§1502, 1506-a & 1507, N-PC L
S6938 - Sponsor Memo
BILL NUMBER:S6938 TITLE OF BILL: An act to amend the estates, powers and trusts law and the not-for-profit corporation law, in relation to authorizing cemetery corporations to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property PURPOSE: To authorize cemetery corporations the ability to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property SUMMARY OF PROVISIONS: Section 1: Adds new section to Estates, Powers and Trusts Law to add a definition of community foundation. Section 2: Amends the Estates, Powers and Trusts Law to authorize a cemetery association or cemetery corporation to designate a bank, banking institution or community foundation to act as a trustee. Section 3: Amends the Estates, Powers and Trusts Law to authorize the owner of lots in any private unincorporated cemetery to deposit in trust for the care of such lots a sum not exceeding $400 per lot owned with a community foundation.
S6938 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6938 I N S E N A T E April 2, 2014 ___________ Introduced by Sen. LARKIN -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the estates, powers and trusts law and the not-for-pro- fit corporation law, in relation to authorizing cemetery corporations to designate a community foundation as the trustee of a trust for the perpetual care, maintenance, improvement and embellishment of cemetery property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The estates, powers and trusts law is amended by adding a new section 1-2.1-a to read as follows: S 1-2.1-A COMMUNITY FOUNDATION A COMMUNITY FOUNDATION IS A TAX-EXEMPT PUBLIC CHARITY, IN ACCORDANCE WITH INTERNAL REVENUE CODE SECTION 501(C)(3); THAT IS ORGANIZED AND OPERATED FOR THE LONG TERM BENEFIT OF A DEFINED GEOGRAPHIC AREA. S 2. Section 8-1.5 of the estates, powers and trusts law, as renum- bered by chapter 686 of the laws of 1967, is amended to read as follows: S 8-1.5 Trusts for cemetery purposes Dispositions of property in trust for the purpose of the perpetual care, maintenance, improvement or embellishment of cemeteries or private burial lots in cemeteries, and the roadways, lawns, hedges, walks, fenc- es, monuments, structures and tombs in such cemeteries or on such private burial lots are permitted and shall be deemed to be for charita- ble and benevolent purposes. Such dispositions are not invalid by reason of any indefiniteness or uncertainty of the persons designated as bene- ficiaries, nor shall they be invalid as violating any existing rule against perpetuities. Nothing herein contained shall affect any existing authority of the courts to determine the reasonableness of the amount of such disposition. Any cemetery association OR CEMETERY CORPORATION SUBJECT TO THE PROVISIONS OF ARTICLE FIFTEEN OF THE NOT-FOR-PROFIT CORPORATION LAW may act as trustee, OR DESIGNATE A BANK, BANKING INSTI- TUTION OR COMMUNITY FOUNDATION TO ACT AS TRUSTEE, of and execute any such trust with respect to lots, roadways, lawns, hedges, walks, fences, monuments, structures and tombs both within its own cemetery limits and EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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