Code of Virginia § 54.1-2313.1. Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver.
227 words·~1 min read·
/va/title-54-1/chapter-23-1/54-1-2313-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No licensee or any agent of the licensee shall divert or misuse any funds held in trust or otherwise held by him for another. If preneed or perpetual care funds are held in trust and the Board or its agents have reason to believe that
(i)the licensee is not able to adequately protect the interest of the person involved;
(ii)the licensee has had his license suspended, revoked, or surrendered; and
(iii)the conduct of the licensee or the operation of the cemetery threatens the interests of the public, the Board shall file a petition with any court of record having equity jurisdiction over the licensee or any of the funds held by him stating the facts upon which it relies.
The court may temporarily enjoin further activity by the licensee and take such further action as shall be necessary to ensure that the cemetery company is operated in full compliance with this chapter and the Board's regulations, or to conserve, protect, and disburse the funds involved, or both, including the appointment of a receiver. If a receiver is appointed, the expenses of such receivership and a reasonable fee, as determined by the court, shall be paid from the assets of the cemetery company. The Board shall not be liable for any expenses or fees of the receiver.
2004, c. 192 ; 2022, c. 161 .