Burial merchandise, deferral of delivery, when--authorizedwithdrawals.
214.387. 1. Upon written instructions from the purchaser of burialmerchandise or burial services set forth in a cemetery prearrangedcontract, a cemetery may defer delivery of such burial merchandise or awarehouse receipt for the same under section 214.385, or performance ofservices, to a date designated by the purchaser, provided the cemeteryoperator, after deducting sales and administrative costs not to exceedtwenty percent of the purchase price, deposits the remaining portion of thepurchase price into an escrow or trust account as herein provided, withinsixty days following receipt of payment from the purchaser. Funds sodeposited pursuant to this section shall be maintained in such accountuntil delivery of the property or the performance of services is made orthe contract for the purchase of such property or services is canceled.The account is subject to inspection, examination or audit by the division.No withdrawals may be made from the escrow or trust account establishedpursuant to this section except as herein provided.
2. Upon written instructions from the purchaser of an interment,entombment, or inurnment cemetery service, a cemetery may defer performanceof such service to a date designated by the purchaser, provided thecemetery operator, within forty-five days of the date the agreement is paidin full, deposits from its own funds an amount equal to eighty percent ofthe published retail price into a trusteed account. Funds deposited in atrusteed account pursuant to this section and section 214.385 shall bemaintained in such account until delivery of the service is made or theagreement for the purchase of the service is canceled. No withdrawals maybe made from the trusteed account established pursuant to this section andsection 214.385 except as provided herein. Money in this account shall beinvested utilizing the prudent man theory and is subject to audit by thedivision. Names and addresses of depositories of such money shall besubmitted with the annual report.
3. Upon the delivery of the interment*, entombment, or inurnmentcemetery service agreed upon by the cemetery or its agent, or thecancellation of the agreement for the purchase of such service, thecemetery operator may withdraw from the trusteed account an amount equal to(i) the market value of the trusteed account based on the most recentaccount statement issued to the cemetery operator, times (ii) the ratio theservice's deposit in the account bears to the aggregate deposit of allservices which are paid in full but not delivered. The trusteed accountmay be inspected or audited by the division.
4. The provisions of this section shall apply to all agreementsentered into after August 28, 2002.
Burial merchandise, deferral of delivery, when--authorizedwithdrawals.
214.387. 1. Upon written instructions from the purchaser of burialmerchandise or burial services set forth in a cemetery prearrangedcontract, a cemetery may defer delivery of such burial merchandise or awarehouse receipt for the same under section 214.385, or performance ofservices, to a date designated by the purchaser, provided the cemeteryoperator, after deducting sales and administrative costs not to exceedtwenty percent of the purchase price, deposits the remaining portion of thepurchase price into an escrow or trust account as herein provided, withinsixty days following receipt of payment from the purchaser. Funds sodeposited pursuant to this section shall be maintained in such accountuntil delivery of the property or the performance of services is made orthe contract for the purchase of such property or services is canceled.The account is subject to inspection, examination or audit by the division.No withdrawals may be made from the escrow or trust account establishedpursuant to this section except as herein provided.
2. Upon written instructions from the purchaser of an interment,entombment, or inurnment cemetery service, a cemetery may defer performanceof such service to a date designated by the purchaser, provided thecemetery operator, within forty-five days of the date the agreement is paidin full, deposits from its own funds an amount equal to eighty percent ofthe published retail price into a trusteed account. Funds deposited in atrusteed account pursuant to this section and section 214.385 shall bemaintained in such account until delivery of the service is made or theagreement for the purchase of the service is canceled. No withdrawals maybe made from the trusteed account established pursuant to this section andsection 214.385 except as provided herein. Money in this account shall beinvested utilizing the prudent man theory and is subject to audit by thedivision. Names and addresses of depositories of such money shall besubmitted with the annual report.
3. Upon the delivery of the interment*, entombment, or inurnmentcemetery service agreed upon by the cemetery or its agent, or thecancellation of the agreement for the purchase of such service, thecemetery operator may withdraw from the trusteed account an amount equal to(i) the market value of the trusteed account based on the most recentaccount statement issued to the cemetery operator, times (ii) the ratio theservice's deposit in the account bears to the aggregate deposit of allservices which are paid in full but not delivered. The trusteed accountmay be inspected or audited by the division.
4. The provisions of this section shall apply to all agreementsentered into after August 28, 2002.
Burial merchandise, deferral of delivery, when--authorizedwithdrawals.
214.387. 1. Upon written instructions from the purchaser of burialmerchandise or burial services set forth in a cemetery prearrangedcontract, a cemetery may defer delivery of such burial merchandise or awarehouse receipt for the same under section 214.385, or performance ofservices, to a date designated by the purchaser, provided the cemeteryoperator, after deducting sales and administrative costs not to exceedtwenty percent of the purchase price, deposits the remaining portion of thepurchase price into an escrow or trust account as herein provided, withinsixty days following receipt of payment from the purchaser. Funds sodeposited pursuant to this section shall be maintained in such accountuntil delivery of the property or the performance of services is made orthe contract for the purchase of such property or services is canceled.The account is subject to inspection, examination or audit by the division.No withdrawals may be made from the escrow or trust account establishedpursuant to this section except as herein provided.
2. Upon written instructions from the purchaser of an interment,entombment, or inurnment cemetery service, a cemetery may defer performanceof such service to a date designated by the purchaser, provided thecemetery operator, within forty-five days of the date the agreement is paidin full, deposits from its own funds an amount equal to eighty percent ofthe published retail price into a trusteed account. Funds deposited in atrusteed account pursuant to this section and section 214.385 shall bemaintained in such account until delivery of the service is made or theagreement for the purchase of the service is canceled. No withdrawals maybe made from the trusteed account established pursuant to this section andsection 214.385 except as provided herein. Money in this account shall beinvested utilizing the prudent man theory and is subject to audit by thedivision. Names and addresses of depositories of such money shall besubmitted with the annual report.
3. Upon the delivery of the interment*, entombment, or inurnmentcemetery service agreed upon by the cemetery or its agent, or thecancellation of the agreement for the purchase of such service, thecemetery operator may withdraw from the trusteed account an amount equal to(i) the market value of the trusteed account based on the most recentaccount statement issued to the cemetery operator, times (ii) the ratio theservice's deposit in the account bears to the aggregate deposit of allservices which are paid in full but not delivered. The trusteed accountmay be inspected or audited by the division.
4. The provisions of this section shall apply to all agreementsentered into after August 28, 2002.
