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 does
not apply to:
(1) a cemetery owned by a municipal corporation or other
governmental 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 by
a 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 or
indirectly:
(1) constructs or permits to be constructed any structure, above
or below ground, and offers interment rights in the structure for
sale 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 23-14-48
applies 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 under
IC 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 made
from 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 the
cemetery. 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 the
cemetery by a corporate trustee.
(b) The treasurer of the cemetery or other person or persons
having custody of the fund or account shall furnish to a cemetery to
which 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 one
hundred twenty-five percent (125%) of the value of the
principal of the trust estate at the beginning of each calendar
year.
(c) The bond required by this section shall be deposited with the
auditor of the county in which the cemetery is located. The auditor
shall do the following:
(1) Examine the bond and ascertain that it complies with this
chapter.
(2) Annually examine the sufficiency of the bond and report to
the prosecuting attorney of the county any failure of the
cemetery owner to comply with this chapter.
(d) For the services provided under subsection (c), the auditor
shall receive from each cemetery owner five dollars ($5) per year.
Money that the auditor receives under this subsection is the property
of 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 a
Class A misdemeanor. As added by P.L.52-1997, SEC.25.
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 does
not apply to:
(1) a cemetery owned by a municipal corporation or other
governmental 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 by
a 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 or
indirectly:
(1) constructs or permits to be constructed any structure, above
or below ground, and offers interment rights in the structure for
sale 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 23-14-48
applies 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 under
IC 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 made
from 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 the
cemetery. 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 the
cemetery by a corporate trustee.
(b) The treasurer of the cemetery or other person or persons
having custody of the fund or account shall furnish to a cemetery to
which 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 one
hundred twenty-five percent (125%) of the value of the
principal of the trust estate at the beginning of each calendar
year.
(c) The bond required by this section shall be deposited with the
auditor of the county in which the cemetery is located. The auditor
shall do the following:
(1) Examine the bond and ascertain that it complies with this
chapter.
(2) Annually examine the sufficiency of the bond and report to
the prosecuting attorney of the county any failure of the
cemetery owner to comply with this chapter.
(d) For the services provided under subsection (c), the auditor
shall receive from each cemetery owner five dollars ($5) per year.
Money that the auditor receives under this subsection is the property
of 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 a
Class A misdemeanor. As added by P.L.52-1997, SEC.25.
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 does
not apply to:
(1) a cemetery owned by a municipal corporation or other
governmental 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 by
a 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 or
indirectly:
(1) constructs or permits to be constructed any structure, above
or below ground, and offers interment rights in the structure for
sale 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 23-14-48
applies 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 under
IC 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 made
from 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 the
cemetery. 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 the
cemetery by a corporate trustee.
(b) The treasurer of the cemetery or other person or persons
having custody of the fund or account shall furnish to a cemetery to
which 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 one
hundred twenty-five percent (125%) of the value of the
principal of the trust estate at the beginning of each calendar
year.
(c) The bond required by this section shall be deposited with the
auditor of the county in which the cemetery is located. The auditor
shall do the following:
(1) Examine the bond and ascertain that it complies with this
chapter.
(2) Annually examine the sufficiency of the bond and report to
the prosecuting attorney of the county any failure of the
cemetery owner to comply with this chapter.
(d) For the services provided under subsection (c), the auditor
shall receive from each cemetery owner five dollars ($5) per year.
Money that the auditor receives under this subsection is the property
of 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 a
Class A misdemeanor. As added by P.L.52-1997, SEC.25.
