Virginia § 54.1-2331 Disbursement of trust funds upon performance of contract

Virginia Statutes

§ 54.1-2331 — Disbursement of trust funds upon performance of contract

Virginia § 54.1-2331

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

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Bluebook

Va. Code Ann. § 54.1-2331 (2026).

Text

A.Upon performance of the preneed burial contract, the seller shall certify to the trustee by affidavit the amount of specific funds in the trust, identified to the contract performed, which the trustee shall pay to the seller. The seller may in its records itemize the property or services and the consideration paid or to be paid therefor, to which the deposit requirements of this chapter apply. In such case, the seller may, upon certification to the trustee of performance or delivery of such property or services and of the amount of specific trust funds identified in its records to such items, request disbursement of that portion of the specific funds deposited pursuant to the contract, which the trustee shall pay to the seller.

B.If the preneed contract provides for two or more person

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A. Upon performance of the preneed burial contract, the seller shall certify to the trustee by affidavit the amount of specific funds in the trust, identified to the contract performed, which the trustee shall pay to the seller. The seller may in its records itemize the property or services and the consideration paid or to be paid therefor, to which the deposit requirements of this chapter apply. In such case, the seller may, upon certification to the trustee of performance or delivery of such property or services and of the amount of specific trust funds identified in its records to such items, request disbursement of that portion of the specific funds deposited pursuant to the contract, which the trustee shall pay to the seller.

B. If the preneed contract provides for two or more persons, the seller may, at its option, designate in its records the consideration paid for each individual in the preneed burial contract. In such case, upon performance of that portion of the contract identified to a particular individual, the seller may request, by certification in the manner described above, the disbursement of trust funds applicable to that portion of the contract, which the trustee shall pay to the seller.