Sec. 2. (a) The owner of each cemetery shall provide for the creation and establishment of an irrevocable perpetual care fund.

     (b) The principal of a perpetual care fund established under this section shall permanently remain intact, except as provided in this chapter.

Terms Used In Indiana Code 23-14-48-2

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) The following apply to a perpetual care fund unless the perpetual care fund is a trust that has been converted into a total return unitrust under section 2.6 of this chapter:

(1) Fifty percent (50%) of any appreciation of the principal of the fund may be withdrawn annually not more than forty-five (45) days after the end of the fund’s fiscal year.

(2) Any income earned by the fund during the fiscal year may be withdrawn quarterly during the fund’s fiscal year.

     (d) Any withdrawal of:

(1) income from a perpetual care fund under subsection (c)(2); or

(2) appreciation of the principal of a perpetual care fund under subsection (c)(1);

shall be devoted to the perpetual care of the cemetery, including the immediate maintenance needs of the cemetery.

     (e) A perpetual care fund established under this section is not subject to attachment by a creditor unless the underlying debt was incurred for the perpetual care or endowment care (as defined in IC 23-14-33-30) of the cemetery for which the fund was established.

As added by P.L.52-1997, SEC.22. Amended by P.L.66-1999, SEC.1; P.L.14-2018, SEC.3; P.L.33-2019, SEC.1.

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