§ 54.1-2316. Certain representations unlawful; perpetual care trust fund required
It shall be unlawful to sell or offer for sale in the Commonwealth any grave or entombment right in a cemetery and, in connection therewith, to represent to the public in any manner, express or implied, that the entire cemetery or any grave or entombment right therein will be perpetually cared for, unless adequate provision has been made for the perpetual care of the cemetery and all graves and entombment rights therein as to which such representation has been made.
Each cemetery company shall establish in a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth, an irrevocable trust fund in the amount of at least $50,000 before the first lot, parcel of land, burial or entombment right is sold. This fund shall be designated the perpetual care trust fund.
(1998, cc. 708, 721; 2004, c. 192.)
Sections: Previous 54.1-2310 54.1-2311 54.1-2312 54.1-2313 54.1-2313.1 54.1-2314 54.1-2315 54.1-2316 54.1-2317 54.1-2318 54.1-2319 54.1-2320 54.1-2321 54.1-2322 54.1-2323 NextLast modified: April 3, 2009