                                 CODE OF VIRGINIA

DEPOSIT IN PRENEED TRUST REQUIRED UPON SALE OF PROPERTY OR SERVICES NOT TO BE
DELIVERED WITHIN 120 DAYS (§ 54.1-2325)

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 &#8220;Preneed Trust
Account.&#8221; 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&#8217;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.

HISTORY: 1998, cc. 708, 721.