Utah Code 58-9-702. Payments to be held in trust — Trustee qualifications

(1)

All money representing payments for the purchase of a preneed funeral arrangement shall be deposited by the provider or sales agent receiving the payment:

Terms Used In Utah Code 58-9-702

Preneed funeral arrangement: means a written or oral agreement sold in advance of the death of the beneficiary under which a person agrees with a buyer to provide at the death of the beneficiary any of the following as are typically provided in connection with a disposition:

(i)

goods;

(ii)

services, including:

(A)	embalming services; and

(B)	funeral directing services;

(iii)

real property; or

(iv)

personal property, including:

(A)

a casket;

(B)	another primary container;

(C)	a cremation, alkaline hydrolysis, or transportation container;

(D)	an outer burial container;

(E)

a vault;

(F)	a grave liner;

(G)	funeral clothing and accessories;

(H)	a monument;

(I)	a grave marker; and

(J)

a cremation or alkaline hydrolysis urn. See Utah Code 58-9-102

Sales agent: means an individual licensed under this chapter as a preneed funeral arrangement sales agent. See Utah Code 58-9-102

Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}

Trustee: A person or institution holding and administering property in trust.

(a)

within 10 business days after the day on which the provider or sales agent receives the payment in the form of cash or cash equivalent; or

(b)	within 35 calendar days after the day on which the provider or sales agent receives the payment in the form of a negotiable instrument.

(2)	All money received under Subsection (1) shall be placed in a trust account naming as trustee a Utah financial institution authorized to engage in the trust business under Title 7, Chapter 5, Trust Business.

Enacted by Chapter 49, 2003 General Session

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