54.1-2319 - Deposit in perpetual care trust fund required upon sale of graves, etc. - Virginia Statutes

§ 54.1-2319. Deposit in perpetual care trust fund required upon sale ofgraves, etc.

Each cemetery company shall deposit a minimum of ten percent of the receiptsfrom the sale of graves and above-ground crypts and niches, excludingbelow-ground burial vaults, in cash in the perpetual care trust fund withinthirty days after the close of the month in which such receipts are paid toit. If the purchaser's payment is made on an installment or deferred paymentbasis, the cemetery company shall have the option of paying ten percent ofthe amount of principal in each payment received into the perpetual caretrust fund. If the cemetery company provides a grave or an above-ground cryptor niche without compensation, ten percent of the retail sales price shall bedeposited within thirty days after the close of the month in which theproperty is provided to the consumer.

(1998, cc. 708, 721; 2000, c. 36.)