Indiana § 30-2-10-8 Management of funds by financial institutions; annual reports from
beneficiaries

Indiana Statutes

§ 30-2-10-8 — Management of funds by financial institutions; annual reports from beneficiaries

Indiana·Art. 2 GENERAL PROVISIONS·Ch. 10 Funeral Trust Funds

(a)Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fund.

(b)All interest earned by funds deposited in accordance with this chapter accrue to the trust.

(c)The trustee shall disburse the funds deposited in accordance with this chapter to the named beneficiary to discharge an obligation arising from any contract described in section 5 of this chapter, upon receipt of evidence satisfactory to the trustee that the contract has been performed.

(d)A funeral home, licensed under IC 25-15 that is named as beneficiary of funeral trust funds under this chapter shall annually report

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(a) Indiana financial institutions in which trust
funds have been deposited in accordance with this chapter may place
the funds in a common or commingled trust fund under a single trust
instrument. The trustee shall maintain a separate accounting record for
each trust fund.
(b) All interest earned by funds deposited in accordance with this
chapter accrue to the trust.
(c) The trustee shall disburse the funds deposited in accordance with
this chapter to the named beneficiary to discharge an obligation arising
from any contract described in section 5 of this chapter, upon receipt
of evidence satisfactory to the trustee that the contract has been
performed.
(d) A funeral home, licensed under IC 25-15 that is named as
beneficiary of funeral trust funds under this chapter shall annually
report the following to the state board of funeral service:
(1) The funeral home's name, Indiana license number, and
officers.
(2) The name and address of any trustee with which funeral trust
funds are deposited for the funeral home.
(e) No bonds or permits are required from funeral homes that enter
into contracts described in section 5 of this chapter.
As added by Acts 1982, P.L.179, SEC.2. Amended by
P.L.246-1985, SEC.26.

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