§ 58-9-704 — Interest earned on trust funds.

Utah § 58-9-704

• Jurisdiction: Utah
• Title 58: Occupations and Professions
• Ch. 58-9: Funeral Services Licensing Act
• Part 58-9-7: Preneed Funeral Arrangement Requirements

Text

Interest earned on trust funds shall be available for expenditure according to the following priority:
(1) to pay the reasonable trustee expenses of administering the trust within a maximum amount established by rule;
(2) to pay within a maximum amount established by rule under Section 58-9-504 the reasonable provider expenses associated with:

(2)(a) the sale of the plan;
(2)(b) administering the collection, remittance, and accounting of the amount of payments made into the corpus of the trust; and
(2)(c) reporting required with respect to those contracts:
(2)(c)(i) that have been sold; and
(2)(c)(ii) under which the provider is obligated;
(3) to pay the costs of providing any of the following for which the provider is obligated under a specific outstanding preneed funeral arrangement contract:

(3)(a) personal property; and
(3)(b) services at need; and
(4) to pay the provider available funds left in the individual trust account after:

(4)(a) all costs of providing personal property and services for which the provider is obligated under the contract underlying the trust; or
(4)(b) (4)(b)(i) the contract is canceled as provided under this chapter; and
(4)(b)(ii) all amounts payable to the buyer, beneficiary, or any other person have been paid in full.

Legislative History

Enacted by Chapter 49, 2003 General Session