37-19-828. Funeral trust fund -- deposit of money. (1) (a) A party that provides services pursuant to a contract for a prearranged funeral or related services and that receives money under the contract shall deposit the money within 10 business days of receipt in a banking institution or invest the money in the stock of a savings or building and loan association or in the shares of a credit union.
(b) The banking institution, savings or building and loan association, or credit union shall maintain an office in this state and must be organized under the laws of this state, of another state, or of the United States.
(c) Deposits or investments made as provided in this section must be insured by an instrumentality of the federal government.
(2) Deposits or investments made pursuant to this section constitute a trust fund for the benefit of the person contracting for the prearranged funeral or related services. The money must be placed in a separate account in the name of the depositor as trustee for the person contracting for the prearranged funeral or related services.
History: En. Sec. 4, Ch. 336, L. 1999; amd. Sec. 1, Ch. 125, L. 2015.
Structure Montana Code Annotated
Title 37. Professions and Occupations
Chapter 19. Morticians and Funeral Services
Part 8. Perpetually Maintained Cemeteries -- Trusts
37-19-803. Application of this part -- exceptions
37-19-804. through 37-19-806 reserved
37-19-807. Powers and duties of board -- rulemaking
37-19-808. Inspection of cemeteries and audit of cemetery companies
37-19-809. through 37-19-813 reserved
37-19-814. Permit -- application
37-19-815. Permit -- amendment
37-19-816. Permit -- transfer of ownership
37-19-817. through 37-19-821 reserved
37-19-822. Cemetery perpetual care and maintenance fund
37-19-825. Preexisting cemeteries
37-19-828. Funeral trust fund -- deposit of money