Sec. 4. (a) This section applies to a cemetery if a perpetual care fund or other
trust account of the cemetery is not held in trust for the cemetery by a corporate
trustee.
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Terms Used In Indiana Code 23-14-51-4
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) issued by a corporate surety; and
(2) payable to the cemetery in a penal sum at least equal to one hundred twenty-five percent (125%) of the value of the principal of the trust estate at the beginning of each calendar year.
(c) The bond required by this section shall be deposited with the auditor of the county in which the cemetery is located. The auditor shall do the following:
(1) Examine the bond and ascertain that it complies with this chapter.
(2) Annually examine the sufficiency of the bond and report to the prosecuting attorney of the county any failure of the cemetery owner to comply with this chapter.
(d) For the services provided under subsection (c), the auditor shall receive from each cemetery owner five dollars ($5) per year. Money that the auditor receives under this subsection is the property of the office of the auditor.
As added by P.L.52-1997, SEC.25.
