Sec. 3. (a) If a cemetery association that conveys real estate to a township under this chapter has endowment funds, cash, securities, or other assets, the funds, cash, securities, or other assets shall be paid over to the township trustee when the real estate owned by the association is conveyed to the township.

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Terms Used In Indiana Code 23-14-64-3

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Trustee: A person or institution holding and administering property in trust.
     (b) A township trustee who receives cash, securities, endowment funds, or other assets under subsection (a) may use them only:

(1) to purchase additional land for the cemetery;

(2) to make permanent improvements to the cemetery; or

(3) for the upkeep and maintenance of the cemetery.

As added by P.L.52-1997, SEC.38.

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