54.1-2330 - Specific funds and income to remain in preneed trust account; exception. - Virginia Statutes

§ 54.1-2330. Specific funds and income to remain in preneed trust account;exception.

Specific funds shall remain intact until the property is delivered orservices performed as specified in the contract. The net income from thepreneed trust account, after payment of any appropriate trustee fees,commissions, and costs, shall remain in the account and be reinvested andcompounded. Any trustee fees, commissions, and costs in excess of incomeshall be paid by the cemetery company and not from the trust. However, thetrustee shall, as of the close of the cemetery company's fiscal year, uponwritten assurance to the trustee of a certified public accountant employed bythe seller, return to the seller any income in the seller's account which,when added to the specific funds, is in excess of the current costrequirements for all undelivered property or services included in theseller's preneed burial contracts. The seller's cost requirements shall becertified in its records by an affidavit sworn by the compliance agent andshall be determined by the seller as of the close of the cemetery company'sfiscal year.

(1998, cc. 708, 721.)