57-39.22 - Certain representations unlawful; perpetual care trust fund required. - Virginia Statutes

§ 57-39.22. Certain representations unlawful; perpetual care trust fundrequired.

A. Effective July 1, 1996, it shall be unlawful to sell or offer for sale inthe Commonwealth any burial right in a pet cemetery, and in connectiontherewith to represent to the public, in any manner, express or implied, thatthe entire pet cemetery or any burial or interment right therein will beperpetually cared for, unless adequate provision has been made for theperpetual care of the cemetery and all burials and interment rights thereinas to which such representation has been made.

B. Each pet cemetery operator shall establish in a bank, savings and loan orother federally insured investment banking institution doing business in theCommonwealth an irrevocable trust fund in the amount of at least $12,000before the first lot, parcel of land, burial or interment right is sold. Thisfund shall be designated the perpetual care fund.

C. The moneys of a perpetual care fund shall be invested as provided by §§26-40 through 26-44.1 and Article 2 (§ 26-44.3 et seq.) of Chapter 3 of Title26, except as provided otherwise herein.

D. The income from the perpetual care fund shall be used only for themaintenance, supervision, improvement, and preservation of the grounds, lots,markers, memorials, buildings, equipment, statuary, and other real andpersonal property of the pet cemetery and for the payment of real propertytaxes. Annual reports of all the assets and investments of the perpetual carefund shall be prepared and maintained by the operator, and shall be availablefor inspection at reasonable times to any owner of a burial right in the petcemetery. Such records shall be subject to examination by the commissioner ofrevenue.

(1996, c. 957; 1999, c. 772.)