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NY S09468
Bill
Status
3/16/2026
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
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Defines "dormant lot-specific trust" as a cemetery trust with no known living trustee, no designated successor, and no documented activity for 30 years
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Allows cemetery corporations to assume statutory custodianship of dormant trusts without court appointment, administering them under existing fiduciary standards
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Requires dormant trust funds to remain separate restricted assets, prohibiting commingling with general cemetery funds or the permanent maintenance fund
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Preserves the right of descendants, heirs, or interested persons to submit proof of relationship at any time and resume direction of the trust
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Provides that dormant trust funds are not subject to New York's abandoned property law and disputes may be resolved in Supreme Court
Legislative Description
Relates to the administration of dormant lot-specific cemetery trusts; provides for custodianship, accounting, and related administrative provisions for such trusts.
Last Action
REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
3/16/2026