IC 23-14-51
    Chapter 51. The Investment and Use of Cemetery Funds

IC 23-14-51-1
Application of chapter
    Sec. 1. (a) Except as provided in subsection (b), this chapter doesnot apply to:
        (1) a cemetery owned by a municipal corporation or othergovernmental unit;
        (2) a religious cemetery; or
        (3) a cemetery:
            (A) that is ten (10) acres or less in size;
            (B) that is owned and operated entirely and exclusively bya nonprofit mutual association in existence on June 14,1939; and
            (C) in which burials have taken place before June 14, 1939.
    (b) If a cemetery described in subsection (a)(3) directly orindirectly:
        (1) constructs or permits to be constructed any structure, aboveor below ground, and offers interment rights in the structure forsale to the general public; or
        (2) acquires:
            (A) additional land; or
            (B) an interest in additional land;
        causing the cemetery to exceed ten (10) acres in size;
this chapter applies to the whole of the cemetery.
As added by P.L.52-1997, SEC.25.

IC 23-14-51-2
Investment and reinvestment of money and assets
    Sec. 2. After June 14, 1939, a cemetery to which IC 23-14-48applies shall invest and reinvest:
        (1) all money in the perpetual care fund of the cemetery; and
        (2) all other assets held in trust by the cemetery;
in property or securities that qualify for trust investments underIC 30-4-3-3(c).
As added by P.L.52-1997, SEC.25.

IC 23-14-51-3
Loans from perpetual care fund prohibited
    Sec. 3. No loans or pledges of money or property shall be madefrom the perpetual care fund of a cemetery:
        (1) to or for the benefit of the owner of the cemetery; or
        (2) to any shareholder, officer, director, or employee of thecemetery.
As added by P.L.52-1997, SEC.25.

IC 23-14-51-4
Fidelity bond
    Sec. 4. (a) This section applies to a cemetery if a perpetual care

fund or other trust account of the cemetery is not held in trust for thecemetery by a corporate trustee.
    (b) The treasurer of the cemetery or other person or personshaving custody of the fund or account shall furnish to a cemetery towhich this section applies a fidelity bond that is:
        (1) issued by a corporate surety; and
        (2) payable to the cemetery in a penal sum at least equal to onehundred twenty-five percent (125%) of the value of theprincipal of the trust estate at the beginning of each calendaryear.
    (c) The bond required by this section shall be deposited with theauditor of the county in which the cemetery is located. The auditorshall do the following:
        (1) Examine the bond and ascertain that it complies with thischapter.
        (2) Annually examine the sufficiency of the bond and report tothe prosecuting attorney of the county any failure of thecemetery owner to comply with this chapter.
    (d) For the services provided under subsection (c), the auditorshall receive from each cemetery owner five dollars ($5) per year.Money that the auditor receives under this subsection is the propertyof the office of the auditor.
As added by P.L.52-1997, SEC.25.

IC 23-14-51-5
Violation of chapter; Class A misdemeanor
    Sec. 5. A person who knowingly violates this chapter commits aClass A misdemeanor.
As added by P.L.52-1997, SEC.25.