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Senate Bill S4392

2025-2026 Legislative Session

Relates to retiring cemetery indebtedness

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Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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2025-S4392 (ACTIVE) - Details

See Assembly Version of this Bill:
A4347
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Not-for-Profit Corporation Law
Laws Affected:
Add §1511-a, N-PC L
Versions Introduced in 2023-2024 Legislative Session:
S5784, A9447

2025-S4392 (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-S4392 (ACTIVE) - Sponsor Memo

2025-S4392 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4392
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee 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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