EPTL 8-1.6 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 8-1.5 Trusts for cemetery purposes up PART 1 Rules Governing Charitable Trusts next SECTION 8-1.7 Authority of trustee to accumulate income Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 8-1.6 Deposit of money in trust by owner of lots in private Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 8, PART 1 § 8-1.6 Deposit of money in trust by owner of lots in private unincorporated cemetery The owner of lots in any private unincorporated cemetery may deposit in trust for the care of such lots a sum not exceeding four hundred dollars for each lot so owned with any bank or banking institution located in a city, town or village conveniently near such private unincorporated cemetery, provided such bank or banking institution is willing to accept such money in trust and agrees to apply the proceeds of the interest thereon to the care and upkeep of such lots. Such banks or banking institutions are hereby authorized to accept such money for the purpose described herein and to apply the proceeds of the interest thereon to the care and upkeep of any such lots. The provisions of this section do not apply to savings banks.