Deposits or investments; interest or dividends; withdrawal;
forfeiture
Sec. 4. The amount or amounts deposited or invested, with
interest or dividends thereon, if any, shall not be withdrawn until the
death of the person or persons for whose funeral or burial such funds
were paid, unless sooner withdrawn and repaid to the person who
originally paid the money under or in connection with said agreement
or series of agreements or to his or her legal representative: Provided,
That if the agreement or series of agreements provides for forfeiture
and retention of any or all such payments by reason of default in
payment upon and according to the terms thereof, then upon any such
default and forfeiture the trustee may withdraw such deposits or
investments: Provided, further, That nothing herein contained shall
prohibit the change of depository by the trustee and the transfer of
trust funds from one depository to another. This section applies only
to trust funds that include payments under section 1(a) of this
chapter.
(Formerly: Acts 1963, c.303, s.4.) As amended by Acts 1978,
P.L.133, SEC.5.
Last modified: May 27, 2006