§ 23-14-51-4 — Fidelity bond

Indiana § 23-14-51-4

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 14: CEMETERY ASSOCIATIONS
• Ch. 51: The Investment and Use of Cemetery Funds

Text

(a) This section applies to a cemetery if a
perpetual care fund or other trust account of the cemetery is not held in
trust for the cemetery by a corporate trustee.
(b) The treasurer of the cemetery or other person or persons having
custody of the fund or account shall furnish to a cemetery to which this
section applies a fidelity bond that is:
(1) issued by a corporate surety; and
(2) payable to the cemetery in a penal sum at least equal to one
hundred twenty-five percent (125%) of the value of the principal
of the trust estate at the beginning of each calendar year.
(c) The bond required by this section shall be deposited with the
auditor of the county in which the cemetery is located. The auditor
shall do the following:
(1) Examine the bond and ascertain that it complies with this
chapter.
(2) Annually examine the sufficiency of the bond and report to the
prosecuting attorney of the county any failure of the cemetery
owner to comply with this chapter.
(d) For the services provided under subsection (c), the auditor shall
receive from each cemetery owner five dollars ($5) per year. Money
that the auditor receives under this subsection is the property of the
office of the auditor.

Legislative History

As added by P.L.52-1997, SEC.25.