A cemetery association or nonprofit cemetery corporation may contract debts in anticipation of future receipts for the original purchase of cemetery land, the laying out and embellishment of the grounds and avenues of the cemetery, the construction and repair of a building, mausoleum or columbarium, the purchase or lease of necessary equipment, or other cemetery purposes, for which debts the association or corporation may issue bonds or notes. An association or corporation may secure these debts by mortgage upon its lands, except cemetery lots that have been conveyed to the members of the association or to trustees, officers, or employees of the corporation, or by a security interest in not more than 50 percent of the irreducible fund.
Section: Previous 10.30.040 10.30.050 10.30.055 10.30.058 10.30.060 10.30.070 10.30.080 10.30.090 10.30.100 10.30.110 10.30.120 10.30.130 10.30.140 10.30.150 10.30.155 NextLast modified: November 15, 2016