Louisiana Revised Statutes 8:505.2 – Resignation of trustee; orderly transfer of trust fund
Terms Used In Louisiana Revised Statutes 8:505.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Louisiana Cemetery Board. 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
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means the separate legal entity designated as trustee of a cemetery care fund. See Louisiana Revised Statutes 8:1
Whenever a trustee resigns, all of the following documentation shall be filed with the board to ensure an orderly transfer of the trust fund from the resigning trustee to the successor trustee:
(1) A written statement from the cemetery authority or other entity to the present trustee, requesting it resign as trustee of the trust fund, if the trust agreement permits or a written statement from the cemetery authority or other entity accepting the resigning trustee’s resignation.
(2) A written statement from the present trustee stating it will resign as trustee of the trust fund; or a written statement from the present trustee advising it wishes to resign as trustee of the trust fund, if the trust agreement permits.
(3) A written statement from the successor trustee, qualified in accordance with La. Rev. Stat. 8:454(B), accepting the trust fund.
(4) A final accounting from the resigning trustee and a copy of the transmittal letter forwarding the assets of the trust fund to the successor trustee.
(5) A written statement from the successor trustee acknowledging receipt of the assets of the trust fund. A list of the assets should be contained in the statement.
Acts 1997, No. 921, §1; Acts 2022, No. 574, §1.