54.1-2313.1 - Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver. - Virginia Statutes

§ 54.1-2313.1. Protection of preneed burial and perpetual care trust funds;operation of cemetery company; appointment of receiver.

No licensee or any agent of the licensee shall divert or misuse any fundsheld in trust or otherwise held by him for another. If preneed or perpetualcare funds are held in trust and the Board or its agents have reason tobelieve that (i) the licensee is not able to adequately protect the interestof the person involved, (ii) the licensee has had his license suspended,revoked or surrendered, or (iii) the conduct of the licensee or the operationof the cemetery threatens the interests of the public, the Board may file apetition with any court of record having equity jurisdiction over thelicensee or any of the funds held by him stating the facts upon which itrelies and the relief requested. The court may temporarily enjoin furtheractivity by the licensee and take such further action as shall be necessaryto ensure that the cemetery company is operated in full compliance with thischapter and the Board's regulations, or to conserve, protect, and disbursethe funds involved, or both, including the appointment of a receiver tooperate the cemetery company. The Board shall not be liable for any expensesor fees of the receiver.

(2004, c. 192.)