§ 23-14-48-2 — Establishment of perpetual care fund; limit on withdrawals

Indiana § 23-14-48-2

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 14: CEMETERY ASSOCIATIONS
• Ch. 48: Cemetery Perpetual Care Fund

Text

(a) The owner of each cemetery shall provide
for the creation and establishment of an irrevocable perpetual care
fund.
(b) The principal of a perpetual care fund established under this
section shall permanently remain intact, except as provided in this
chapter.
(c) The following apply to a perpetual care fund unless the perpetual
care fund is a trust that has been converted into a total return unitrust
under section 2.6 of this chapter:
(1) Fifty percent (50%) of any appreciation of the principal of the
fund may be withdrawn annually not more than forty-five (45)
days after the end of the fund's fiscal year.
(2) Any income earned by the fund during the fiscal year may be
withdrawn quarterly during the fund's fiscal year.
(d) Any withdrawal of:
(1) income from a perpetual care fund under subsection (c)(2); or
(2) appreciation of the principal of a perpetual care fund under
subsection (c)(1);
shall be devoted to the perpetual care of the cemetery, including the
immediate maintenance needs of the cemetery.
(e) A perpetual care fund established under this section is not
subject to attachment by a creditor unless the underlying debt was
incurred for the perpetual care or endowment care (as defined in IC 23-14-33-30) of the cemetery for which the fund was established.

Legislative History

As added by P.L.52-1997, SEC.22. Amended by P.L.66-1999, SEC.1; P.L.14-2018, SEC.3; P.L.33-2019, SEC.1.