Virginia § 54.1-2325 Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days

Virginia Statutes

§ 54.1-2325 — Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days

Virginia § 54.1-2325

Title 54.1PROFESSIONS AND OCCUPATIONS

Subtitle IIPROFESSIONS AND OCCUPATIONS REGULATED BY THE DEPARTMENT OF PROFESSIONAL AND OCCUPATIONAL REGULATION AND BOARDS WITHIN THE DEPARTMENT

Ch. 23.1CEMETERY OPERATORS, PERPETUAL CARE TRUST FUNDS AND PRENEED BURIAL CONTRACTS

This text of Virginia § 54.1-2325 (Deposit in preneed trust required upon sale of property or services not to be delivered within 120 days) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 54.1-2325 (2026).

Text

A.Each cemetery company shall deposit into a trust fund at least forty percent of the receipts from the sale of property or services purchased pursuant to a preneed burial contract, when the delivery thereof will be delayed more than 120 days from the initial payment on said contract. The cemetery company shall establish a special trust fund in a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth. The trust shall bear the legend "Preneed Trust Account." Deposits are required to be made by the cemetery company within thirty days after the close of the month in which said receipts are paid to it.

B.If the purchaser's payment is made on an installment or deferred payment basis, the seller shall have the option of

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A. Each cemetery company shall deposit into a trust fund at least forty percent of the receipts from the sale of property or services purchased pursuant to a preneed burial contract, when the delivery thereof will be delayed more than 120 days from the initial payment on said contract. The cemetery company shall establish a special trust fund in a Virginia trust company or trust subsidiary or a federally insured bank or savings institution doing business in the Commonwealth. The trust shall bear the legend "Preneed Trust Account." Deposits are required to be made by the cemetery company within thirty days after the close of the month in which said receipts are paid to it.

B. If the purchaser's payment is made on an installment or deferred payment basis, the seller shall have the option of paying each payment received into the preneed trust account.