§ 10-15-109 — Disbursements - excess trust assets

At reasonable times, and
unless the trustee is notified by the commissioner that the preneed seller is in
violation of the provisions of this article or by the contract seller not to disburse
trust assets, the trustee shall disburse excess trust assets to the contract seller in
accordance with the terms of the preneed contract between the contract buyer and
the contract seller. The trustee shall not disburse any excess trust assets until such
time as the value of such trust assets exceeds the total of all funds paid by the
contract buyers under the preneed contracts. If more than one trust account is used
by the contract seller, the aggregate of all trust accounts must exceed the total of
all funds paid by all contract buyers before any disbursement by the trustee. It is
the obligation and responsibility of the trustee to conduct at least annual valuations
of the market value of the assets held in trust, which may include accrued interest.

Legislative History

Source: L. 95: Entire article R&RE, p. 1042, � 1, effective May 25.