58-9-704. Interest earned on trust funds.

212 words·~1 min read·/ut/title-58/chapter-9/58-9-704

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Interest earned on trust funds shall be available for expenditure according to the following priority:

(1)to pay the reasonable trustee expenses of administering the trust within a maximum amount established by rule;

(2)to pay within a maximum amount established by rule under Section 58-9-504 the reasonable provider expenses associated with:

(a)the sale of the plan;

(b)administering the collection, remittance, and accounting of the amount of payments made into the corpus of the trust; and

(c)reporting required with respect to those contracts:

(i)that have been sold; and

(ii)under which the provider is obligated;

(3)to pay the costs of providing any of the following for which the provider is obligated under a specific outstanding preneed funeral arrangement contract:

(a)personal property; and

(b)services at need; and

(4)to pay the provider available funds left in the individual trust account after:

(a)all costs of providing personal property and services for which the provider is obligated under the contract underlying the trust; or

(i)the contract is canceled as provided under this chapter; and

(ii)all amounts payable to the buyer, beneficiary, or any other person have been paid in full.

Enacted by Chapter 49 , 2003 General Session