Utah Code 58-9-703. Trust agreement
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(1) Each trust established by a funeral service establishment shall be administered in accordance with a trust agreement conforming with:
Terms Used In Utah Code 58-9-703
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means the individual who, at the time of the individual's death, is to receive the benefit of the property and services purchased under a preneed funeral arrangement. See Utah Code 58-9-102
- Buyer: means a person who purchases a preneed funeral arrangement. See Utah Code 58-9-102
- Contract: A legal written agreement that becomes binding when signed.
- Funeral service: means a service, rite, or ceremony performed:(19)(a) with respect to the death of a human; and(19)(b) with the body of the deceased present. See Utah Code 58-9-102
- Funeral service establishment: includes :
(21)(b)(i) all portions of the business premises and all tools, instruments, and supplies used in the preparation and embalming of dead human bodies for burial, cremation, alkaline hydrolysis, and final disposition as defined by division rule; and(21)(b)(ii) a facility used by the business in which funeral services may be conducted. See Utah Code 58-9-102- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
(1)(a) the requirements of this chapter;(1)(b) rules adopted with respect to this chapter;(1)(c) the provisions ofTitle 75, Chapter 7, Utah Uniform Trust Code ; and(1)(d) all other state and federal laws applicable to trusts and trust agreements.(2) Each trust agreement shall require that the funeral service establishment maintain a copy of the trust agreement until five years after all of its obligations under the trust agreement have been executed or transferred.(3) Each trust agreement shall require that the trustee:(3)(a) separately account for each contract; and(3)(b) separately record payments with respect to each contract made into the corpus of the trust.(4) Each trust agreement shall provide for distributions from the trust in accordance with the provisions of this chapter upon:(4)(a) the death of the beneficiary;(4)(b) revocation of the contract by the funeral service establishment upon nonpayment by the buyer; or(4)(c) revocation of the contract by the beneficiary or buyer. - Funeral service establishment: includes :