Code of Virginia
Chapter 23.1 - Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts
§ 54.1-2313.1. Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver

No licensee or any agent of the licensee shall divert or misuse any funds held in trust or otherwise held by him for another. If preneed or perpetual care funds are held in trust and the Board or its agents have reason to believe that (i) the licensee is not able to adequately protect the interest of the person involved; (ii) the licensee has had his license suspended, revoked, or surrendered; and (iii) the conduct of the licensee or the operation of the cemetery threatens the interests of the public, the Board shall file a petition with any court of record having equity jurisdiction over the licensee or any of the funds held by him stating the facts upon which it relies.
The court may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to ensure that the cemetery company is operated in full compliance with this chapter and the Board's regulations, or to conserve, protect, and disburse the funds involved, or both, including the appointment of a receiver. If a receiver is appointed, the expenses of such receivership and a reasonable fee, as determined by the court, shall be paid from the assets of the cemetery company. The Board shall not be liable for any expenses or fees of the receiver.
2004, c. 192; 2022, c. 161.

Structure Code of Virginia

Code of Virginia

Title 54.1 - Professions and Occupations

Chapter 23.1 - Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts

§ 54.1-2310. Definitions

§ 54.1-2311. Cemetery operators required to be licensed by the Board

§ 54.1-2312. Exemptions

§ 54.1-2312.01. Special interments; definitions; regulations by Board

§ 54.1-2312.1. Resale of interment right; conditions for resale transaction; contents of transfer form; approval by cemetery company

§ 54.1-2312.2. Resale of interment right by certain churches and religious organizations

§ 54.1-2313. Board; appointment; terms; vacancies; meetings; quorum; other powers; regulations

§ 54.1-2313.1. Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver

§ 54.1-2314. Refusal, suspension or revocation of license or registration

§ 54.1-2315. Other prohibited activities

§ 54.1-2316. Certain representations unlawful; perpetual care trust fund required

§ 54.1-2317. Who may serve as trustee of perpetual care trust fund

§ 54.1-2318. Application of Part a (§ 64.2-1200 et seq.) of Subtitle IV of Title 64.2

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

§ 54.1-2320. Additional deposit not required upon subsequent sale of same grave, crypt or niche

§ 54.1-2321. Recovery of original perpetual care trust fund deposit

§ 54.1-2322. Use of income from perpetual care trust fund; distributions

§ 54.1-2323. Financial records required

§ 54.1-2324. Financial report and report of independent certified public accountant required for perpetual care trust funds

§ 54.1-2325. Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days

§ 54.1-2326. Who may serve as trustee of preneed trust fund

§ 54.1-2327. Itemized statement and general price list of burial fees to be furnished; solicitations prohibited

§ 54.1-2328. Requirements of preneed burial contracts

§ 54.1-2329. Identification of specific funds

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

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

§ 54.1-2332. Seller required to keep records

§ 54.1-2333. Financial report and report of independent certified public accountant required for preneed trust accounts

§ 54.1-2334. Inclusion of property and services to be delivered within 120 days

§ 54.1-2335. Breach of contract by seller; trust to be single purpose trust

§ 54.1-2336. Trustee may rely on certifications and affidavits

§ 54.1-2337. Transfer of trust funds to another trustee

§ 54.1-2338. Use of trustee's name in advertisements

§ 54.1-2339. Construction and development of mausoleums and garden crypts

§ 54.1-2340. Waiver of chapter void

§ 54.1-2341. Exemption from levy, garnishment and distress

§ 54.1-2342. Penalties