Section 58-17-11 – Deposit or bond of endowed care cemeteries.
If a cemetery authority is duly organized and desires to accept care funds authorized by the Endowed Care Cemetery Act, it shall make an initial deposit to the care fund of twenty-five thousand dollars ($25,000). In lieu of the initial deposit, the cemetery authority may furnish a surety bond issued by a bonding company or […]
Section 58-17-1 – Declaration of policy.
It is declared to be necessary in the public interest that cemeteries advertising or selling “endowed care or perpetual care” in connection with the sale of cemetery lots or burial spaces be subject to sufficient regulation by the state to ensure the establishment of sound business practices necessary to furnish the endowed care or perpetual […]
Section 58-17-2 – Short title.
Chapter 58, Article 17 NMSA 1978 may be cited as the “Endowed Care Cemetery Act”. History: 1953 Comp., § 67-29-2, enacted by Laws 1961, ch. 156, § 2; 2001, ch. 149, § 2. ANNOTATIONS The 2001 amendment, effective July 1, 2001, substituted “Chapter 58, Article 17 NMSA 1978” for “This act” and deleted “of 1961” […]
Section 58-17-3 – Definitions.
As used in the Endowed Care Cemetery Act: A. “affiliate” means a corporation that is related to another corporation by shareholdings or other means of control and includes a subsidiary, parent or sibling corporation; B. “burial park” means a tract of land that has been dedicated to the purposes of and used, and intended to […]
Section 58-17-4 – Gifts and contributions; care funds; trust funds.
A. A cemetery authority is authorized and empowered to accept care funds and hold them in trust in perpetuity for the care of its cemetery; for the care of any lot, grave, crypt or niche in its cemetery; for the special care of any lot, grave, crypt or niche in its cemetery; or for the […]
Section 58-17-5 – Loans by cemeteries.
Except upon written approval of the director, no loan or investment of care funds accepted by a cemetery authority shall be made: A. to any officer, director or trustee of the cemetery authority or to any person in which any officer, director or trustee of the cemetery authority has a controlling interest; B. on or […]
Section 58-17-6 – Instrument regarding care to be furnished by cemetery authority.
If a cemetery authority accepts care funds, either in connection with the sale of a lot, grave, crypt or niche or in pursuance of a contract, or if, as a condition precedent to the purchase of a lot, grave, crypt or niche, the cemetery authority requires the establishment of a care fund or a deposit […]
Section 58-17-7 – Representations regarding care and maintenance to be furnished.
A cemetery authority, agent, servant or employee of it or another person shall not advertise, represent, guarantee, promise or contract that perpetual care, permanent care, perpetual or permanent maintenance, care forever, continuous care, eternal care, everlasting care, endowed care or any similar or equivalent care or care for any number of years of any cemetery […]
Section 58-17-8 – Care funds not subject to tax.
The care funds authorized in the Endowed Care Cemetery Act and all sums paid into those funds or contributed to those funds are expressly permitted and are for charitable and eleemosynary purposes. Care funds are provided for the discharge of the duty due from the person contributing to those funds to the persons interred and […]
Section 58-17-9 – Compliance with law required.
A. It is unlawful for a cemetery to hold out to the public or sell endowed care in connection with the sale of burial space until it has complied with the requirements of the Endowed Care Cemetery Act. Endowed care cemeteries shall establish and maintain with a state or federally chartered depository institution or trust […]