Utah Code 8-4-4. Insufficiency in endowment fund
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(1) An endowment care cemetery that maintains a trust fund that is not funded at least in the amount required by this chapter or any state or federal law applicable to the fund at the time of underfunding shall immediately deposit additional money to the endowment care trust fund in an amount to bring the fund into compliance with applicable law.
Terms Used In Utah Code 8-4-4
- endowment care cemetery: means a cemetery or mausoleum for crypt or vault interments, columbarium for permanent cinerary interments, or any other place providing lots or other interment space for the remains of human bodies that:(2)(a) represents to the public that it will care for, maintain, and embellish its property to preserve it from becoming unkempt and a place of reproach and desolation in the community in which it is located; and(2)(b) collects funds for the purpose stated in Subsection (2)(a). See Utah Code 8-4-1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
(2)(2)(a) If the trustee of an endowment care trust fund determines that an insufficiency in the endowment care trust fund exists, the trustee shall provide written notice to the endowment care cemetery.(2)(b) If after 60 days of the notice to the endowment care cemetery, the endowment care cemetery has not deposited sufficient money into the fund, the trustee shall file, as a lien upon the property of the endowment care cemetery, a claim in behalf of the endowment care trust fund in the amount of the insufficiency.