Interest earned on trust funds shall be available to the provider according to the priority set forth in Section 58-9-704.
Terms Used In Utah Code 58-9-705
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
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.
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.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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;
Trustee: A person or institution holding and administering property in trust.
(2)
The amount of payments made into the corpus of the trust and any other amount which has been paid into the corpus of the trust shall be paid to the provider in the amount credited to a specific account upon the event of one of the following:
(a)
the death of the beneficiary which shall be demonstrated to the trustee by the provider by furnishing to the trustee:
(i)
a request for payment from the trust; and
(ii)
a certified copy of the death certificate of the beneficiary; or
(b)
revocation of the preneed funeral arrangementcontract by either the provider or the buyer according to the terms and conditions of the contract, which shall be demonstrated to the trustee by the provider by furnishing to the trustee satisfactory evidence that:
(i)
the contract has been revoked; and
(ii)
the provider has paid all funds due to the buyer or beneficiary.
(3)
Upon an order of a court having jurisdiction, all amounts that have been paid into the corpus of the trust shall be paid to the buyer or beneficiary in the event of:
(a)
a judgment to the benefit of a buyer or beneficiary upon a finding that:
(i)
the provider is in substantial breach of the contract; or
(ii)
there is substantial evidence that the provider is or will be unable to provide the personal property or services to the beneficiary under the contract;
(b)
a judgment of bankruptcy against the provider; or
(c)
a finding by the court that determines the funds should be rightfully returned to the buyer or beneficiary.
