Nevada Revised Statutes 689.570 – Prepaid contracts: Distributions from corpus of trust fund
1. The corpus of all money deposited in the burial merchandise and service trust fund must be kept unimpaired until the prepaid contract is performed on the death of the person for whose benefit the contract was made, or the contract is otherwise terminated and distribution or disposition of money in the trust fund is made as authorized in accordance with applicable law and the rights of interested persons.
Terms Used In Nevada Revised Statutes 689.570
- Contract: A legal written agreement that becomes binding when signed.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
2. Upon receiving a certified copy of a death certificate or a certification by the cemetery authority that a particular prepaid contract has been fully performed, the trustee of the burial merchandise and service trust fund shall pay all money in the trust fund for that contract to the cemetery authority.
3. The trustee shall not make any payments out of the trust fund unless the trustee receives a death certificate or certification as provided in subsection 2. In paying out money in such circumstances, the trustee may rely upon all such death certificates and certifications presented to the trustee which appear valid on their faces, and the trustee is not liable to any person for paying out money upon such reliance.