Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-321.Same; cemetery merchandise trust fund; establishment; deposit of
moneys.
(a) Any cemetery corporation entering into any prepaid merchandise contract
shall establish and maintain a cemetery merchandise trust fund under K.S.A.
16-322. All prepaid merchandise contracts shall be in writing.
(b) A cemetery corporation entering into a prepaid merchandise contract
shall be entitled to retain all of the purchase price under the prepaid
merchandise contract until it has received an amount equal to 35% of the
purchase price of the cemetery merchandise sold in a prepaid merchandise
contract.
(c) After the cemetery corporation has received the amounts it is entitled
to receive under subsection (b) of this section, all payments of the purchase
price to the cemetery corporation under a prepaid merchandise contract shall
be deposited by the cemetery corporation in a cemetery merchandise trust
fund until such time as the requirements of subsection (d) of this section
have been satisfied or delivery is made of the cemetery merchandise. Thereafter,
all payments of the purchase price in excess of the minimum funding requirements
may be retained by the cemetery corporation. Deposits shall be made within
10 business days after the moneys are received.
(d) Annually, as of December 31, each cemetery corporation shall determine
the wholesale cost for all cemetery merchandise covered by a prepaid merchandise
contract for which funds are then held in a cemetery merchandise trust or
in an individual merchandise account. If the amounts held with respect
to a prepaid merchandise contract exceed the minimum funding requirement
the excess shall be paid by the trustee of the cemetery merchandise trust
to the cemetery corporation.
In such event,
no further deposit shall be required with respect to the prepaid merchandise
contract until such time as the amounts held no longer exceed the minimum
funding requirement. If the minimum funding requirement is not satisfied,
no amount shall be paid to or withdrawn by the cemetery corporation and
the cemetery corporation shall continue or shall resume, as the case may
be, making the deposits required by subsection (c) of this section.
Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-321.Same; cemetery merchandise trust fund; establishment; deposit of
moneys.
(a) Any cemetery corporation entering into any prepaid merchandise contract
shall establish and maintain a cemetery merchandise trust fund under K.S.A.
16-322. All prepaid merchandise contracts shall be in writing.
(b) A cemetery corporation entering into a prepaid merchandise contract
shall be entitled to retain all of the purchase price under the prepaid
merchandise contract until it has received an amount equal to 35% of the
purchase price of the cemetery merchandise sold in a prepaid merchandise
contract.
(c) After the cemetery corporation has received the amounts it is entitled
to receive under subsection (b) of this section, all payments of the purchase
price to the cemetery corporation under a prepaid merchandise contract shall
be deposited by the cemetery corporation in a cemetery merchandise trust
fund until such time as the requirements of subsection (d) of this section
have been satisfied or delivery is made of the cemetery merchandise. Thereafter,
all payments of the purchase price in excess of the minimum funding requirements
may be retained by the cemetery corporation. Deposits shall be made within
10 business days after the moneys are received.
(d) Annually, as of December 31, each cemetery corporation shall determine
the wholesale cost for all cemetery merchandise covered by a prepaid merchandise
contract for which funds are then held in a cemetery merchandise trust or
in an individual merchandise account. If the amounts held with respect
to a prepaid merchandise contract exceed the minimum funding requirement
the excess shall be paid by the trustee of the cemetery merchandise trust
to the cemetery corporation.
In such event,
no further deposit shall be required with respect to the prepaid merchandise
contract until such time as the amounts held no longer exceed the minimum
funding requirement. If the minimum funding requirement is not satisfied,
no amount shall be paid to or withdrawn by the cemetery corporation and
the cemetery corporation shall continue or shall resume, as the case may
be, making the deposits required by subsection (c) of this section.
Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-321.Same; cemetery merchandise trust fund; establishment; deposit of
moneys.
(a) Any cemetery corporation entering into any prepaid merchandise contract
shall establish and maintain a cemetery merchandise trust fund under K.S.A.
16-322. All prepaid merchandise contracts shall be in writing.
(b) A cemetery corporation entering into a prepaid merchandise contract
shall be entitled to retain all of the purchase price under the prepaid
merchandise contract until it has received an amount equal to 35% of the
purchase price of the cemetery merchandise sold in a prepaid merchandise
contract.
(c) After the cemetery corporation has received the amounts it is entitled
to receive under subsection (b) of this section, all payments of the purchase
price to the cemetery corporation under a prepaid merchandise contract shall
be deposited by the cemetery corporation in a cemetery merchandise trust
fund until such time as the requirements of subsection (d) of this section
have been satisfied or delivery is made of the cemetery merchandise. Thereafter,
all payments of the purchase price in excess of the minimum funding requirements
may be retained by the cemetery corporation. Deposits shall be made within
10 business days after the moneys are received.
(d) Annually, as of December 31, each cemetery corporation shall determine
the wholesale cost for all cemetery merchandise covered by a prepaid merchandise
contract for which funds are then held in a cemetery merchandise trust or
in an individual merchandise account. If the amounts held with respect
to a prepaid merchandise contract exceed the minimum funding requirement
the excess shall be paid by the trustee of the cemetery merchandise trust
to the cemetery corporation.
In such event,
no further deposit shall be required with respect to the prepaid merchandise
contract until such time as the amounts held no longer exceed the minimum
funding requirement. If the minimum funding requirement is not satisfied,
no amount shall be paid to or withdrawn by the cemetery corporation and
the cemetery corporation shall continue or shall resume, as the case may
be, making the deposits required by subsection (c) of this section.
