Virginia Code 54.1-2319: Deposit in perpetual care trust fund required upon sale of graves, etc.
Each cemetery company shall deposit a minimum of ten percent of the receipts from the sale of graves and above-ground crypts and niches, excluding below-ground burial vaults, in cash in the perpetual care trust fund within thirty days after the close of the month in which such receipts are paid to it. If the purchaser’s payment is made on an installment or deferred payment basis, the cemetery company shall have the option of paying ten percent of the amount of principal in each payment received into the perpetual care trust fund. If the cemetery company provides a grave or an above-ground crypt or niche without compensation, ten percent of the retail sales price shall be deposited within thirty days after the close of the month in which the property is provided to the consumer.
Terms Used In Virginia Code 54.1-2319
- Cemetery: means any land or structure used or intended to be used for the interment of human remains. See Virginia Code 54.1-2310
- Cemetery company: means any person engaged in the business of (i) selling or offering for sale any grave or entombment right in a cemetery and representing to the public that the entire cemetery, a single grave, or entombment right therein will be perpetually cared for; (ii) selling property or services, vaults, grave liners, urns, memorials, markers, and monuments used in connection with interring or disposing of the remains or commemorating the memory of a deceased human being, where delivery of the property or performance of the service may be delayed more than 120 days after receipt of the initial payment on account of such sale; or (iii) maintaining a facility used for the interment or disposal of the remains and required to maintain perpetual care or preneed trust funds in accordance with this chapter. See Virginia Code 54.1-2310
- Grave: means a below-ground right of interment. See Virginia Code 54.1-2310
- Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
- Perpetual care trust fund: means a fund created to provide income to a cemetery to provide care, maintenance, administration and embellishment of the cemetery. See Virginia Code 54.1-2310
- Retail sales price: means the standard, nondiscounted price as listed on the general price list required by § 54. See Virginia Code 54.1-2310