§ 30-2-9-4 — Deposits or investments; interest or dividends; withdrawal; forfeiture

The amount or amounts deposited or invested,
with interest or dividends on the amount or amounts, if any, shall not
be withdrawn until the death of the person or persons for whose funeral
or burial such funds were paid, unless sooner withdrawn and repaid to
the person who originally paid the money under or in connection with
said agreement or series of agreements or to the person's legal
representative. However:
(1) if the agreement or series of agreements provides for forfeiture
and retention of any or all such payments by reason of default in
payment upon and according to the terms of the agreement or
series of agreements, then upon any such default and forfeiture
the trustee may withdraw such deposits or investments; and
(2) nothing in this section shall prohibit the change of depository
by the trustee and the transfer of trust funds from one (1)
depository to another.
This section applies only to trust funds that include payments under
section 1(a) of this chapter.
Formerly: Acts 1963, c.303, s.4. As amended by Acts 1978,
P.L.133, SEC.5; P.L.136-2018, SEC.221.