Code of Virginia
Chapter 23.1 - Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts
§ 54.1-2331. Disbursement of trust funds upon performance of contract

A. Upon performance of the preneed burial contract, the seller shall certify to the trustee by affidavit the amount of specific funds in the trust, identified to the contract performed, which the trustee shall pay to the seller. The seller may in its records itemize the property or services and the consideration paid or to be paid therefor, to which the deposit requirements of this chapter apply. In such case, the seller may, upon certification to the trustee of performance or delivery of such property or services and of the amount of specific trust funds identified in its records to such items, request disbursement of that portion of the specific funds deposited 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 each individual in the preneed burial contract. In such case, upon performance of that portion of the contract identified to a particular individual, the seller may request, by certification in the manner described above, the disbursement of trust funds applicable to that portion of the contract, which the trustee shall pay to the seller.
1998, cc. 708, 721.

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