55-11-11. Prearranged funeral contract pooled funds trust--Creation--Separate accounts--When consent of purchaser required.
A prearranged funeral contract pooled funds trust may be created by a funeral director or a funeral establishment licensed in South Dakota, the South Dakota funeral directors association or a cemetery association organized under chapter 55-12. However, separate accounts within the pooled funds trust shall be maintained so that a purchaser whose money has been deposited into the pooled funds trust may identify his money. No purchaser's money may be deposited into a pooled funds trust unless the purchaser signs a form consenting to the deposit of his money into a pooled funds trust. The provision regarding consent shall not apply to prearranged funeral trusts where the personal property and professional services are to be provided for a guaranteed amount of money.
Source: SL 1986, ch 408, §9.
Structure South Dakota Codified Laws
Title 55 - Fiduciaries and Trusts
Chapter 11 - Prearranged Funeral Trusts
Section 55-11-3.1 - Clause required in contract not providing guaranteed price.
Section 55-11-5 - Cancellation of contract creating revocable trust.
Section 55-11-5.1 - Return of payments required on revocation under contract with guaranteed price.
Section 55-11-8 - Information to be submitted upon registration.
Section 55-11-10 - Applicability of § 37-24-5.4.
Section 55-11-12.1 - Disbursement of funds in irrevocable prearranged funeral trust.
Section 55-11-13 - Prearranged funeral contract not burial insurance.
Section 55-11-14 - Applicability of act to certain contracts.