Indiana Statutes
§ 23-14-53-2 — Duties upon receipt of deposit or legacy of money
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 14 CEMETERY ASSOCIATIONS·Ch. 53 Bequests for Care
(a)A church, corporation, or association that
receives a deposit or legacy of money to be held in trust under section
1 of this chapter shall:
(1)adopt rules concerning the investment and safekeeping of any
deposit or bequest; and
(2)designate a financial institution as the depository of the funds.
(b)The depository designated under subsection (a) must:
(1)agree upon the rate of interest it will pay on the funds; and
(2)pay interest on the funds to the church, corporation, or
association:
(A)on a basis agreed upon by the depository and the church,
corporation, or association; but
(B)not less frequently than quarterly;
for the purpose of taking care of the particular lot or lots, monument,
vault, or gravestone for which the money was given or donated.
(c)The money on deposit in the
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Legislative History
As added by P.L.52-1997, SEC.27.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"