(a) Every perpetual care fund and pre-need trust shall be administered by a bank or a trust company authorized to do business in the State; or a board of trustees as defined in § 441-1. Each authority covered under this chapter shall file with the director a copy of an executed copy of the declaration of the fund or trust and any amendment thereto.

Terms Used In Hawaii Revised Statutes 441-37

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Director: means the director of the department of commerce and consumer affairs. See Hawaii Revised Statutes 441-1
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Perpetual care fund: means a fund separately maintained to provide for the perpetual care of a cemetery in conformity with this chapter. See Hawaii Revised Statutes 441-1
  • Person: means an individual, partnership, corporation, county, association, or any other group however organized. See Hawaii Revised Statutes 441-1
  • Pre-need trust: means a fund separately maintained to provide for the future services agreed to or contracted for by the pre-need funeral service plan participant or the pre-need interment service plan participant. See Hawaii Revised Statutes 441-1
  • Trustee: means a bank or a trust company, authorized to transact such business in the State, or a board of trustees appointed by the governing body of the cemetery and pre-need funeral authority, designated as trustee pursuant to a written trust agreement under the terms of this chapter for the funds deposited by an authority. See Hawaii Revised Statutes 441-1
  • Trustee: A person or institution holding and administering property in trust.
(b) The bank or trust company appointed as trustee shall file a notice with the director disclosing the name of the bank or trust company, business address, and such additional information as the director requires. A successor trustee shall be subject to the requirements stated in this section.
(c) The board of trustees appointed as trustee shall file the following:

(1) A notice with the director disclosing the names of its members;
(2) A sworn affidavit stating that its members are not affiliated with the authority which appointed it;
(3) A bond in the penal sum of $100,000 issued by a surety company authorized to do business in the State; and
(4) Evidence of the insurance required by section 441-41(b).

The bond required in this subsection may be filed either as a board or an individual board member for $100,000 and shall run to the State. The bond shall be conditioned that the board of trustees will faithfully, promptly, and truly account and pay over to all persons to or for whom it may hold money in trust all sums of money that may properly be due them. The director or any person claiming to have sustained damage by reason of any breach of the conditions of the bond may bring action on the bond for the recovery of any damages sustained therefrom. The liability of the surety shall not exceed the amount of the bond issued to the board of trustees. The bond shall continue in full force and effect.

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