Virginia Code 54.1-2329: Identification of specific funds
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Specific funds deposited in the trust account shall be identified in the records of the seller by the contract number and by the name of the buyer. The trustee may commingle the deposits in any preneed trust account for the purposes of the management thereof and the investment of funds therein.
Terms Used In Virginia Code 54.1-2329
- Contract: A legal written agreement that becomes binding when signed.
- Preneed: means at any time other than either at the time of death or while death is imminent. See Virginia Code 54.1-2310
- Seller: means the cemetery company. See Virginia Code 54.1-2310
- 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.