16-324. Same; trust fund established in trust company or federally insured institution authorized to do business in state. - Kansas Statutes

16-324

Chapter 16.--CONTRACTS AND PROMISES Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS

      16-324.   Same; trust fund established in trust company or federally insured institution authorized to do business in state. A cemetery merchandise trust fund established pursuant to K.S.A. 16-321 or 16-322, and amendments thereto, shall at all times be in the custody of a trust company or a federally insured bank or savings and loan association which is authorized to do business in this state. Any cemetery merchandise trust funds may be invested, reinvested, exchanged, retained, sold and managed in the manner and subject to the requirements of K.S.A. 58-24a02, and amendments thereto, and, at the election of the trustee, as a part of common trust funds.

      History:   L. 1982, ch. 96, § 5; L. 1989, ch. 48, § 76; L. 1994, ch. 34, § 2; L. 2001, ch. 75, § 5; July 1.