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;
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.
(2)
to pay within a maximum amount established by rule under Section 58-9-504 the reasonable provider expenses associated with:
(a)
the sale of the plan;
(b)
administering the collection, remittance, and accounting of the amount of payments made into the corpus of the trust; and
(c)
reporting required with respect to those contracts:
(i)
that have been sold; and
(ii)
under which the provider is obligated;
(3)
to pay the costs of providing any of the following for which the provider is obligated under a specific outstanding preneed funeral arrangementcontract:
(a)
personal property; and
(b)
services at need; and
(4)
to pay the provider available funds left in the individual trust account after:
(a)
all costs of providing personal property and services for which the provider is obligated under the contract underlying the trust; or
(b)
(i)
the contract is canceled as provided under this chapter; and
(ii)
all amounts payable to the buyer, beneficiary, or any other person have been paid in full.
