If the amounts paid by the purchaser under a preneed contract for cemetery merchandise have previously been deposited in trust, the seller may withdraw the principal amount there, at such time as the cemetery merchandise is delivered or installed or, if comprised of materials designed to withstand prolonged, protected storage without deterioration, the merchandise is placed in storage with a responsible third party bonded and insured for the wholesale value thereof and evidenced by a receipt specifically identifying the item, the specific preneed contract, the location of the item, and the identity and address of the bonding and insuring parties. For purposes of this section only, caskets and alternative containers may not be held in storage by the seller or a third party storage facility prior to the death of the funeral beneficiary.
Structure Code of Alabama
Chapter 17A - Preneed Funeral and Cemetery Act.
Article 4 - Cemetery Merchandise and Services Trust Fund.
Section 27-17A-40 - Applicability of Article.
Section 27-17A-41 - Trust Fund; Trustee; Interests of Purchaser; Seller.
Section 27-17A-43 - Cancellation of Contract; Withdrawal From Trust Fund.
Section 27-17A-44 - Rights of Seller.
Section 27-17A-45 - Endowment Care Fund.
Section 27-17A-46 - Endowment Care Cemeteries.
Section 27-17A-47 - Establishment and Management of Endowment Care Fund.
Section 27-17A-48 - Maintenance of Records.
Section 27-17A-49 - Endowment Care Fund Deposits; Qualification as Endowment Care Cemetery.
Section 27-17A-51 - Propriety of Expenditures; Income Payments to Cemetery Authority.
Section 27-17A-52 - Disclosure of Activities and Statement of Investments.
Section 27-17A-53 - Disposal of Assets or Investments.
Section 27-17A-54 - Annual Report.
Section 27-17A-55 - Construction of Mausoleum, Etc.