55-11 PREARRANGED FUNERAL TRUSTS
PREARRANGED FUNERAL TRUSTS
Prearranged funeral contract--Portion of money paid under contract held in trust.
Personal property and professional services to be provided under prearranged funeral
Deposit of trust fund in banking institution or association--Violation as misdemeanor.
Contract to be in writing--Copies furnished depository and personal representative
of contracting party--Clause concerning trust fund required.
Clause required in contract not providing guaranteed price.
Financial institution receiving money in trust--Acknowledgment on copy of
prearranged funeral contract.
Cancellation of contract creating revocable trust.
Return of payments required on revocation under contract with guaranteed price.
Solicitation of funeral trust contracts--Annual registration required--Exception--Unauthorized solicitation or sale prohibited--Violation as misdemeanor.
Information to be submitted upon registration.
Annual report required--Contents--Filing fee--Confidentiality--Violation as
Applicability of § 37-24-5.4.
Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When
consent of purchaser required.
Death or relocation of beneficiary of irrevocable prearranged funeral trust--Seller's
option to provide comparable services or return deposits and interest--Disposition of
Disbursement of funds in irrevocable prearranged funeral trust.
Prearranged funeral contract not burial insurance.
Applicability of act to certain contracts.
Certain persons operating cemeteries exempted from provisions regarding sale of
merchandise and services--Maintenance of funds.