54.1-2331 - Disbursement of trust funds upon performance of contract. - Virginia Statutes

§ 54.1-2331. Disbursement of trust funds upon performance of contract.

A. Upon performance of the preneed burial contract, the seller shall certifyto the trustee by affidavit the amount of specific funds in the trust,identified to the contract performed, which the trustee shall pay to theseller. The seller may in its records itemize the property or services andthe consideration paid or to be paid therefor, to which the depositrequirements of this chapter apply. In such case, the seller may, uponcertification to the trustee of performance or delivery of such property orservices and of the amount of specific trust funds identified in its recordsto such items, request disbursement of that portion of the specific fundsdeposited pursuant to the contract, which the trustee shall pay to the seller.

B. If the preneed contract provides for two or more persons, the seller may,at its option, designate in its records the consideration paid for eachindividual in the preneed burial contract. In such case, upon performance ofthat portion of the contract identified to a particular individual, theseller may request, by certification in the manner described above, thedisbursement of trust funds applicable to that portion of the contract, whichthe trustee shall pay to the seller.

(1998, cc. 708, 721.)