58-9-703 - Trust agreement. - Utah Statutes

58-9-703. Trust agreement.
(1) Each trust established by a funeral service establishment shall be administered inaccordance with a trust agreement conforming with:
(a) the requirements of this chapter;
(b) rules adopted with respect to this chapter;
(c) the provisions of Title 75, Chapter 7, Utah Uniform Trust Code; and
(d) all other state and federal laws applicable to trusts and trust agreements.
(2) Each trust agreement shall require that the funeral service establishment maintain acopy of the trust agreement until five years after all of its obligations under the trust agreementhave been executed or transferred.
(3) Each trust agreement shall require that the trustee:
(a) separately account for each contract; and
(b) separately record payments with respect to each contract made into the corpus of thetrust.
(4) Each trust agreement shall provide for distributions from the trust in accordance withthe provisions of this chapter upon:
(a) the death of the beneficiary;
(b) revocation of the contract by the funeral service establishment upon nonpayment bythe buyer; or
(c) revocation of the contract by the beneficiary or buyer.

Amended by Chapter 144, 2007 General Session