A. Each cemetery company shall deposit into a trust fund at least forty percent of the receipts from the sale of property or services purchased pursuant to a preneed burial contract, when the delivery thereof will be delayed more than 120 days from the initial payment on said contract. The cemetery company shall establish a special trust fund in a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth. The trust shall bear the legend "Preneed Trust Account." Deposits are required to be made by the cemetery company within thirty days after the close of the month in which said receipts are paid to it.
B. If the purchaser's payment is made on an installment or deferred payment basis, the seller shall have the option of paying each payment received into the preneed trust account.
1998, cc. 708, 721.
Structure Code of Virginia
Title 54.1 - Professions and Occupations
Chapter 23.1 - Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts
§ 54.1-2311. Cemetery operators required to be licensed by the Board
§ 54.1-2312.01. Special interments; definitions; regulations by Board
§ 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
§ 54.1-2314. 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
§ 54.1-2326. Who may serve as trustee of preneed trust fund
§ 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
§ 54.1-2334. 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