Once the cemetery company has deposited in the perpetual care trust fund a sum equal to twice the amount of the original deposit, exclusive of the original deposit, the trustee shall allow the cemetery company to recover its original deposit by withholding the money that would otherwise be required to be deposited in the perpetual care trust fund until the amount of the original deposit is recovered. Once the cemetery company has recovered an amount equal to its original deposit, deposits to the perpetual care trust fund shall be resumed.

Terms Used In Virginia Code 54.1-2321

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

1998, cc. 708, 721.

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