Maryland Code, BUSINESS REGULATION 5-701
Terms Used In Maryland Code, BUSINESS REGULATION 5-701
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) (1) “Burial space” means land or space in a structure used or to be used for burial.
(2) “Burial space” includes a burial right in the land or space.
(c) “Buyer” means a person who buys preneed goods or preneed services.
(d) “Preneed burial contract” means a written instrument under which preneed goods or preneed services are to be sold and delivered or performed.
(e) (1) “Preneed services” means services that are sold:
(i) before the buyer’s death; and
(ii) in connection with burial or cremation.
(2) “Preneed services” includes opening and closing a grave.
(f) “Seller” means a registered cemeterian, registered crematory operator, registered seller, or any other person who sells preneed goods or preneed services.
(g) “Specific funds” means money that is identified to a specific preneed burial contract.
(h) “Trust account” means a preneed trust account.