§ 8778. — 8778. (Amended by Stats. 2007, Ch. 307, Sec. 1.)

California § 8778.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 8.: DIVISION 8. CEMETERIES
• Part 3.: PART 3. PRIVATE CEMETERIES
• Ch. 5.: CHAPTER 5. Endowment and Special Care
• Art. 4.: ARTICLE 4. Special Care

Text

The following shall be eligible investments for all special care trusts:
(a)
Bonds of the United States or this state, or of any county, city, or city and county in this state.
(b)
Bonds that are legal investments for commercial banks in this state.
(c)
Certificates of deposit or other interest-bearing accounts in any bank in this state insured by the Federal Deposit Insurance Corporation.
(d)
Investment certificates or shares in any state or federally chartered savings and loan association insured by the Federal Savings and Loan Insurance Corporation.
(e)
Investments in first trust deeds on improved real estate, provided that the loans require monthly amortization of principal and interest and are fully amortized within 30 years or the term of the loan, whichever comes first. No loan shall be made to the cemetery authority, to the director, officer, or stockholder of a cemetery authority, or trustees of the special care funds, or to partners, relatives, agents, or employees thereof.
(f)
Any investment that is lawful for endowment care funds under Sections 8751 and 8751.1.

Legislative History

Amended by Stats. 2007, Ch. 307, Sec. 1. Effective January 1, 2008.