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Code · Utah · Title 58 — Occupations and Professions · Chapter 9

58-9-702. Payments to be held in trust -- Trustee qualifications.

131 words·~1 min read·/ut/title-58/chapter-9/58-9-702

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58-9-702. Payments to be held in trust -- Trustee qualifications.
(1)All money representing payments for the purchase of a preneed funeral arrangement shall be deposited by the provider or sales agent receiving the payment:
(a)within 10 business days after the day on which the provider or sales agent receives the payment in the form of cash or cash equivalent; or
(b)within 35 calendar days after the day on which the provider or sales agent receives the payment in the form of a negotiable instrument.
(2)All money received under Subsection
(1)shall be placed in a trust account naming as trustee a Utah financial institution authorized to engage in the trust business under Title 7, Chapter 5, Trust Business .
Enacted by Chapter 49 , 2003 General Session
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