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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54782</law_id><section_number>54.1-2331</section_number><catch_line>Disbursement of trust funds upon performance of contract</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="54.1">Professions and Occupations</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department</unit><unit label="chapter" level="3" order_by="1" identifier="23.1">Cemetery Operators, Perpetual Care Trust Funds and Preneed Burial Contracts</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Upon performance of the <span class="dictionary">preneed burial contract</span>, the <span class="dictionary">seller</span> shall certify to the trustee by <span class="dictionary">affidavit</span> the amount of specific funds in the trust, identified to the contract performed, which the trustee shall pay to the <span class="dictionary">seller</span>. The <span class="dictionary">seller</span> 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 <span class="dictionary">seller</span> may, upon certification to the trustee of performance or delivery of such property or services and of the amount of <span class="dictionary">specific trust funds</span> 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 <span class="dictionary">seller</span>. <a id="paragraph-201059" class="section-permalink" href="https://vacode.org/54.1-2331/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> If the preneed contract provides for two or more persons, the <span class="dictionary">seller</span> may, at its option, designate in its records the consideration paid for each individual in the <span class="dictionary">preneed burial contract</span>. In such case, upon performance of that portion of the contract identified to a particular individual, the <span class="dictionary">seller</span> 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 <span class="dictionary">seller</span>. <a id="paragraph-201060" class="section-permalink" href="https://vacode.org/54.1-2331/#B"><i class="fa fa-link"/></a></p></section></text><history>1998, cc. 708, 721.</history><metadata></metadata></law>
