Utah Code 58-9-704. Interest earned on trust funds
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Interest earned on trust funds shall be available for expenditure according to the following priority:
(1) to pay the reasonable trustee expenses of administering the trust within a maximum amount established by rule;
Terms Used In Utah Code 58-9-704
- Buyer: means a person who purchases a preneed funeral arrangement. See Utah Code 58-9-102
- Contract: A legal written agreement that becomes binding when signed.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Personal property: All property that is not real property.
- Personal property: includes :
(25)(a) money;(25)(b) goods;(25)(c) chattels;(25)(d) effects;(25)(e) evidences of a right in action;(25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and(25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5- Preneed funeral arrangement: means a written or oral agreement sold in advance of the death of the beneficiary under which a person agrees with a buyer to provide at the death of the beneficiary any of the following as are typically provided in connection with a disposition:
(26)(a)(i) goods;(26)(a)(ii) services, including:(26)(a)(ii)(A) embalming services; and(26)(a)(ii)(B) funeral directing services;(26)(a)(iii) real property; or(26)(a)(iv) personal property, including:(26)(a)(iv)(A) a casket;(26)(a)(iv)(B) another primary container;(26)(a)(iv)(C) a cremation, alkaline hydrolysis, or transportation container;(26)(a)(iv)(D) an outer burial container;(26)(a)(iv)(E) a vault;(26)(a)(iv)(F) a grave liner;(26)(a)(iv)(G) funeral clothing and accessories;(26)(a)(iv)(H) a monument;(26)(a)(iv)(I) a grave marker; and(26)(a)(iv)(J) a cremation or alkaline hydrolysis urn. See Utah Code 58-9-102- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(2) to pay within a maximum amount established by rule under Section58-9-504 the reasonable provider expenses associated with:(2)(a) the sale of the plan;(2)(b) administering the collection, remittance, and accounting of the amount of payments made into the corpus of the trust; and(2)(c) reporting required with respect to those contracts:(2)(c)(i) that have been sold; and(2)(c)(ii) under which the provider is obligated;(3) to pay the costs of providing any of the following for which the provider is obligated under a specific outstanding preneed funeral arrangement contract:(3)(a) personal property; and(3)(b) services at need; and(4) to pay the provider available funds left in the individual trust account after:(4)(a) all costs of providing personal property and services for which the provider is obligated under the contract underlying the trust; or(4)(b)(4)(b)(i) the contract is canceled as provided under this chapter; and(4)(b)(ii) all amounts payable to the buyer, beneficiary, or any other person have been paid in full.