NY A06747

Adds new section 1511-a to the not-for-profit corporation law regarding retirement of cemetery indebtedness.

Cemetery corporations must provide at least 60 days' written notice to last known owners before processing unclaimed certificates or debt instruments.

Certificates or other instruments of indebtedness with unclaimed dividends or proceeds for three or more years revert to the cemetery corporation.

Reverted funds deposit into the cemetery's permanent maintenance fund for preservation, improvement, and maintenance of the cemetery.

Upon reversion, voting rights for the certificates or instruments are annulled, and future claimants are entitled only to the instrument's value at the time of transfer.