8-4-4. Insufficiency in endowment fund.
(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.
(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.
(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.
Amended by Chapter 3, 1996 General Session
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Last revised: Thursday, May 28, 2009