CHAPTER 53. BEQUESTS FOR CARE

IC 23-14-53
    Chapter 53. Bequests for Care

IC 23-14-53-1
Receipt of deposit or legacy of money
    Sec. 1. (a) Any church, corporation, or association that owns acemetery may receive from any person a deposit or legacy of moneyto be held in trust:
        (1) in perpetuity; or
        (2) for a period that the donor or testator designates in writing.
    (b) The earnings of the deposit or legacy shall be used for thepurpose of keeping in good condition any lot or lots, monument,vault, or gravestone in the cemetery that is designated by the donoror testator.
As added by P.L.52-1997, SEC.27.

IC 23-14-53-2
Duties upon receipt of deposit or legacy of money
    Sec. 2. (a) A church, corporation, or association that receives adeposit or legacy of money to be held in trust under section 1 of thischapter shall:
        (1) adopt rules concerning the investment and safekeeping ofany deposit or bequest; and
        (2) designate a financial institution as the depository of thefunds.
    (b) The depository designated under subsection (a) must:
        (1) agree upon the rate of interest it will pay on the funds; and
        (2) pay interest on the funds to the church, corporation, orassociation:
            (A) on a basis agreed upon by the depository and the church,corporation, or association; but
            (B) not less frequently than quarterly;
for the purpose of taking care of the particular lot or lots, monument,vault, or gravestone for which the money was given or donated.
    (c) The money on deposit in the depository under this sectionshall not be used for any purpose other than taking care of theparticular lot or lots, monument, vault, or gravestone, and only theinterest earned on the deposit or legacy may be used.
    (d) The:
        (1) deposit or legacy placed on deposit; and
        (2) interest earned on the deposited funds;
are exempt from taxation under IC 6. However, this chapter does notrepeal or modify IC 23-14-65.
As added by P.L.52-1997, SEC.27.