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.
Summary
S04392 would add a new section to the New York Not-for-Profit Corporation Law allowing cemetery corporations to retire certain outstanding certificates or other instruments of indebtedness tied to cemetery operations. After mailing at least 60 days’ notice to the last known owners on file, any dividends or proceeds left unclaimed for three years would revert to the cemetery corporation and be deposited into its permanent maintenance fund.
The bill also requires the cemetery to keep records of these transfers and provides that any voting rights attached to the certificates or instruments are annulled when the transfer occurs. If a claimant later comes forward, the claimant would be entitled only to the value of the instrument or certificate at the time of transfer, rather than any unclaimed dividends or proceeds that have already been moved into the maintenance fund.
Impact
This bill would change state law by creating a specific process for cemetery corporations to extinguish long-dormant indebtedness instruments and redirect unclaimed funds into permanent maintenance funds. It affects cemetery corporations, certificate holders, and any successors or claimants to those instruments, while also strengthening the financial resources available for cemetery preservation, improvement, and upkeep. The measure takes effect immediately upon enactment.
Sentiment
The available voting history suggests the bill was received positively in committee, passing the Senate Corporations, Authorities and Commissions Committee unanimously by a 6-0 vote. No committee transcript is available, but the caption and vote indicate broad support for allowing cemeteries to recover stale obligations for maintenance purposes. The overall tone appears practical and noncontroversial, focused on cemetery upkeep and administrative cleanup of old debts.
Contention
The main policy issue is the balance between cemetery maintenance needs and the rights of certificate owners or later claimants. Supporters are likely to favor the bill because it helps cemeteries access unclaimed funds and stabilize permanent maintenance accounts, while any concern would center on whether the 60-day notice and three-year dormancy period are sufficient before ownership interests are effectively transferred. Another point of potential contention is the elimination of voting rights attached to the instruments once transferred, though no recorded opposition appears in the available materials.
Same As
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.
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.
Relates to the maintenance of abandoned cemeteries; authorizes a solvent not-for-profit cemetery corporation that merges with an abandoned cemetery in a city to apply for state funds for the maintenance of an abandoned cemetery.
Relates to the maintenance of abandoned cemeteries; authorizes a solvent not-for-profit cemetery corporation that merges with an abandoned cemetery in a city to apply for state funds for the maintenance of an abandoned cemetery.
Prohibits mobile sports wagering operators from enabling or otherwise permitting authorized sports bettors to deposit or withdraw funds to or from their account through gift certificates, open loop gift certificates, or e-wallets.