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Assembly Bill A4347

2025-2026 Legislative Session

Relates to retiring cemetery indebtedness

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Current Bill Status - In Senate Committee Finance Committee

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2025-A4347 (ACTIVE) - Details

See Senate Version of this Bill:
S4392
Current Committee:
Senate Finance
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L
Versions Introduced in 2023-2024 Legislative Session:
A9447, S5784

2025-A4347 (ACTIVE) - Summary

Provides that any cemetery corporation is permitted to retire any certificates or other instruments of indebtedness related to its operations to the benefit of such cemetery's permanent maintenance fund upon notice to the certificate owners.

2025-A4347 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4347
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 4, 2025
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Corporations, Authorities and Commissions
 
 AN ACT to amend the  not-for-profit  corporation  law,  in  relation  to
   retiring cemetery indebtedness
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The not-for-profit corporation law is amended by  adding  a
 new section 1511-a to read as follows:
 § 1511-A. RETIREMENT OF CEMETERY INDEBTEDNESS.
   FOLLOWING  A  MAILING FROM THE CEMETERY CORPORATION PROVIDING AT LEAST
 SIXTY DAYS NOTICE TO THE LAST KNOWN OWNERS AT THEIR  ADDRESSES  ON  FILE
 WITH  THE CEMETERY CORPORATION, ANY CERTIFICATES OR OTHER INSTRUMENTS OF
 INDEBTEDNESS ISSUED UNDER THIS ARTICLE WHICH SHALL HAVE HAD DIVIDENDS OR
 PROCEEDS REMAINING UNCLAIMED FOR A PERIOD OF THREE  YEARS  SHALL  REVERT
 SUCH CERTIFICATES OR OTHER INSTRUMENTS OF INDEBTEDNESS AND ANY DIVIDENDS
 OR  PROCEEDS  TO  THE CEMETERY CORPORATION WHICH SHALL BE DEPOSITED INTO
 THE CORPORATION'S  PERMANENT  MAINTENANCE  FUND  FOR  THE  PRESERVATION,
 IMPROVEMENT AND MAINTENANCE OF THE CEMETERY. THE CEMETERY SHALL MAINTAIN
 A  RECORD OF THESE TRANSFERS TO SUCH FUND AND AT THE TIME OF SUCH TRANS-
 FER, ANY VOTING RIGHTS FOR SUCH CERTIFICATES  OR  INSTRUMENTS  SHALL  BE
 ANNULLED.  SUBSEQUENT TO ANY DEPOSITS TO A CEMETERY'S FUND, ANY CLAIMANT
 TO SUCH CERTIFICATES OR INSTRUMENTS OF INDEBTEDNESS  SHALL  BE  ENTITLED
 ONLY TO THE VALUE OF THE INSTRUMENT OR CERTIFICATE AT THE TIME OF TRANS-
 FER.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05838-01-5

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