Louisiana Revised Statutes 8:459.1 – Trust fund transfers
Terms Used In Louisiana Revised Statutes 8:459.1
- Burial: means the placement of human remains in a grave. See Louisiana Revised Statutes 8:1
- Cemetery: means a place used or intended to be used for the interment of the human dead and, to the extent allowed in accordance with this Title, pet remains. See Louisiana Revised Statutes 8:1
- Cemetery authority: means any person, firm, corporation, limited liability company, trustee, partnership, association, or municipality owning, operating, controlling, or managing a cemetery or holding lands within this state for interment purposes. See Louisiana Revised Statutes 8:1
- Fiduciary: A trustee, executor, or administrator.
A. Notwithstanding the provisions of La. Rev. Stat. 8:459, whenever the ownership or management of a cemetery is transferred and by virtue of such transfer becomes a family burial ground or a religious, fraternal, municipal, state, or federal cemetery, the existing perpetual care trust fund of such transferred cemetery shall remain permanently intact and only the income therefrom shall be expended. The income shall be used solely for the upkeep and maintenance of the cemetery.
B. The trustee of any such perpetual care trust fund shall be a federally insured financial institution or trust company located in Louisiana and authorized to exercise trust or fiduciary powers in accordance with the laws of Louisiana or the United States.
C. No further contributions to such fund shall be required except for payments on those contracts in existence at the time of such transfer.
D. The provisions of this Chapter shall apply to the use and administration of such funds.
E. The provisions of this Section shall not apply to the transfer of ownership or management of a cemetery from one religious, fraternal, municipal, state, or federal cemetery authority to another religious, fraternal, municipal, state, or federal cemetery authority, where both transferor and transferee are exempt from the provisions of this Chapter as provided in La. Rev. Stat. 8:459.
Acts 1986, No. 113, §1; Acts 2001, No. 468, §1; Acts 2004, No. 67, §1; Acts 2022, No. 574, §1.