Management of funds by financial institutions; annual reports
from beneficiaries
Sec. 8. (a) Indiana financial institutions in which trust funds have
been deposited in accordance with this chapter may place the funds
in a common or commingled trust fund under a single trust
instrument. The trustee shall maintain a separate accounting record
for each trust fund.
(b) All interest earned by funds deposited in accordance with this
chapter accrue to the trust.
(c) The trustee shall disburse the funds deposited in accordance
with this chapter to the named beneficiary to discharge an obligation
arising from any contract described in section 5 of this chapter, upon
receipt of evidence satisfactory to the trustee that the contract has
been performed.
(d) A funeral home, licensed under IC 25-15 that is named as
beneficiary of funeral trust funds under this chapter shall annually
report the following to the state board of funeral service:
(1) The funeral home's name, Indiana license number, and
officers.
(2) The name and address of any trustee with which funeral
trust funds are deposited for the funeral home.
(e) No bonds or permits are required from funeral homes that
enter into contracts described in section 5 of this chapter.
As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985,
SEC.26.
Last modified: May 27, 2006