§ 35-8-103 — Use of income derived from sale of lots; perpetual care fund; funds to be as a trust; not liable to attachment or garnishment

Wyoming § 35-8-103

• Jurisdiction: Wyoming
• Title 35: Public Health and Safety
• Ch. 8: CEMETERIES AND BURIALS
• Art. 1: IN GENERAL

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The proceeds arising from the sale of lots in any cemetery by
any person, firm, corporation or municipality, and all other
income and revenue thereof, shall be exclusively applied,
appropriated or used in improving, preserving and embellishing
such cemetery, and its appurtenances, and to paying the
necessary operating expenses thereof, and shall not be applied
or appropriated to any purpose of profit to the person, firm,
corporation or municipality owning or maintaining same;
provided, that any mutual cemetery corporation or municipality
may use such income and revenue for purchasing or acquiring
additional adjacent grounds for cemetery purposes only;
provided, however, any cemetery organized by any individual,
group of individuals, corporation or association, except
municipal corporations and duly organized cemetery districts
shall establish a perpetual care fund in an amount equal to at
least ninety cents ($.90) for each square foot of cemetery lot
sold after the effective date of this act. In support of, and
for the protection of such perpetual care fund, there shall be
established a trust fund in such amount and under such terms and
conditions, including bonded protection of a permanent and
enduring nature, as the insurance commissioner of the state of
Wyoming may prescribe to carry out the objectives and
contractual commitments and trust of such individual,
corporation or association. In the case of the operation of a
mausoleum for the sale of vaults or crypts therein the perpetual
care fund shall be twenty percent (20%) of the purchase price.
Such fund shall be operated as a perpetual trust according to
requirements approved by the insurance department, and shall be
used for the benefit of the grave sales and cemetery lots for
which deposits shall have been made. The insurance commissioner
shall specify securities approved for the investment of the
funds which shall include investment of funds with a duly
licensed Wyoming bank, trust company, or federal building and
loan association, and may require an audit of all of the books
and accounts of the cemetery as the need may arise. The cemetery
organization shall file a copy of a purchase contract or
installment contract for lot or lots, if any there be, with the
insurance commissioner when said contract is entered into and
shall forthwith notify the insurance commissioner of the final
payment or default, if any be made, of such contract or
contracts. Any and all funds received and invested as stipulated
in this act, and the income therefrom, shall be as a trust and
shall not be liable to attachment, garnishment, or other
processes, nor shall be seized, taken or appropriated or applied
by any legal or equitable processes or operation of law to pay
any debt or liability of the person, partnership, association,
company or corporation organizing or thereafter operating such
cemetery.