reglab/housing_qa huggingface dataset:
IN Code § 30-2-9-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-1. Agreement or Contract; Personal Property, Merchandise, or Services; General Cemetery Law

Sec. 1. (a) Any payment of money made to any person, firm, partnership, association, limited liability company, or corporation, other than a bank or trust company, upon any agreement or contract, or any series or combination of agreements or contracts, which has for a purpose the furnishing or performance of funeral services, or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, for future use at a time determinable by the death of the person or persons whose body or bodies are to be so disposed of, shall be held to be trust funds, and the person, firm, partnership, association, or corporation receiving said payments is hereby declared to be a trustee thereof. This subsection applies only to such a contract or agreement executed before July 1, 1978.(b) After June 30, 1978, it is unlawful to enter into any agreement or contract for a purpose described in subsection (a) unless the agreement or contract requires that all payments be made by the settlor to an account in a:(1) bank;(2) trust company;(3) savings association; or(4) credit union;whose principal office is in Indiana.(c) Nothing contained in this chapter shall be deemed or construed to apply to those persons, firms, partnerships, associations, limited liability companies, or corporations covered by the "Indiana General Cemetery Law", IC 23-14-33 through IC 23-14-76.Formerly: Acts 1963, c.303, s.1. As amended by Acts 1978, P.L.133, SEC.1; Acts 1979, P.L.272, SEC.1; P.L.8-1993, SEC.465; P.L.79-1998, SEC.92; P.L.109-2015, SEC.47.
IN Code § 30-2-9-1.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-1.5. Funeral Trusts

Sec. 1.5. (a) After June 30, 1978, but before July 1, 1982, an individual may establish one (1) funeral trust under this section, in lieu of any other arrangement for advance payment of funeral and burial expense, such as a joint account, that may be lawful under section 1(b) of this chapter.(b) A funeral trust established under this section must:(1) be irrevocable;(2) have only one (1) settlor;(3) name a financial institution qualified under section 1(b) of this chapter in which all funds are to be deposited;(4) name an embalmer, a funeral director, or funeral home, licensed under IC 25-15, as sole beneficiary;(5) be accompanied by a contract between the settlor and beneficiary as provided in subsection (c); and(6) be either a time deposit, or account, or certificate of deposit in a financial institution, in the names of the settlor and the beneficiary payable on death to the survivor, or name the designated financial institution as sole trustee.(c) A funeral trust contract must specify in detail the funeral and burial services to be provided by the beneficiary, and must specify the place of the funeral and the place of burial or other disposition. The contract must contain an acknowledgement by the settlor that he understands the irrevocable nature of the trust. In addition, the contract may provide for reasonable adjustment of the services to be provided if:(1) the settlor has not contributed the full amount specified in the contract at the time of his death; or(2) the reasonable expense of transporting the corpse a distance greater than twenty-five (25) miles to the place of the funeral or the place of burial is paid by the beneficiary.The contract may contain other provisions not inconsistent with this chapter, including a provision for disposition of income on the trust funds that results in a balance greater than the contribution agreed to by the settlor.(d) The settlor may change the beneficiary, but any new beneficiary must be licensed under IC 25-15 or be a funeral director or funeral home licensed under the laws of another state. The settlor may also change the place of the funeral or the place of burial.(e) Any trust established under section 1(a) of this chapter may be converted to a funeral trust, provided for under this section, by agreement of the parties to the original contract, payment of all trust funds into the funeral trust, and satisfaction of all requirements of this section including execution of the required contract.(f) Any trust established under this chapter may be converted to a funeral trust provided for under IC 30-2-10 by satisfaction of all requirements of that chapter.As added by Acts 1978, P.L.133, SEC.2. Amended by Acts 1979, P.L.272, SEC.2; Acts 1982, P.L.179, SEC.1; P.L.246-1985, SEC.20.
IN Code § 30-2-9-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-2. Deposit of Funds; Investments

Sec. 2. All trust funds paid under section 1(a) of this chapter shall be deposited in a bank or trust company whose principal office is in this state, or invested in a savings and loan, or building and loan association whose principal office is in this state, in the name of the trustee, as trustee, within thirty (30) days after receipt thereof, and shall be held by such trustee in trust, subject to the provisions of this chapter.Formerly: Acts 1963, c.303, s.2. As amended by Acts 1978, P.L.133, SEC.3.
IN Code § 30-2-9-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-3. Permits; Fidelity Bonds; Accounts, Books, and Records

Sec. 3. No person, firm, partnership, association, limited liability company, or corporation may accept or hold trust funds paid under section 1(a) of this chapter without first securing from the state board of funeral service a permit to accept and hold the funds. Applications for the permit must be in writing, signed by the applicant, and duly verified on forms furnished by the board. Each application must contain at least the following:(1) The full name and address (both residence and place of business) of the applicant, and every member, officer, and director of the applicant if the applicant is a firm, partnership, association, limited liability company, or corporation. Any permit issued in response to the application is valid for two (2) years, only at the address stated in the application for the applicant or at the address as may be approved by the board.(2) A detailed statement of the applicant's assets and liabilities.(3) A fidelity bond executed by the applicant and a surety company authorized to do business in this state in the amount not exceeding ten thousand dollars ($10,000) as the board may require.Upon receipt of such application and bond, the board shall issue a permit unless it determines that the applicant has made false statements or representations in the application, is insolvent, has conducted or is about to conduct his business in a fraudulent manner, or is not duly authorized to transact business in this state. The board may require an additional bond from time to time in amounts equal to one tenth (1/10) of the trust funds held by the permittee. The bond must run to the state of Indiana for the use and benefit of the beneficiaries of the trust funds. The permittee shall keep accurate accounts, books, and records in this state of all transactions, copies of all agreements, dates, and amounts of payments made and accepted on all agreements, the names and addresses of the contracting parties, the persons for whose benefit the funds are accepted, and the names of the depositories of the funds. The permittee shall make reports to the board annually or at any other times that the board may require, on forms furnished by the board. Every application must be accompanied by a fee of ten dollars ($10) and every report must be accompanied by a fee of two dollars ($2). The permittee shall make all the books and records pertaining to the trust funds available to the board for examination. The board, or a qualified person designated by it may at any time investigate the books, records, and accounts of the permittee with respect to its trust funds and for that purpose may require the attendance of and examine under oath all persons whose testimony he may require.Formerly: Acts 1963, c.303, s.3. As amended by Acts 1978, P.L.133, SEC.4; P.L.246-1985, SEC.21; P.L.8-1993, SEC.466.
IN Code § 30-2-9-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-4. Deposits or Investments; Interest or Dividends; Withdrawal; Forfeiture

Sec. 4. The amount or amounts deposited or invested, with interest or dividends on the amount or amounts, if any, shall not be withdrawn until the death of the person or persons for whose funeral or burial such funds were paid, unless sooner withdrawn and repaid to the person who originally paid the money under or in connection with said agreement or series of agreements or to the person's legal representative. However:(1) if the agreement or series of agreements provides for forfeiture and retention of any or all such payments by reason of default in payment upon and according to the terms of the agreement or series of agreements, then upon any such default and forfeiture the trustee may withdraw such deposits or investments; and(2) nothing in this section shall prohibit the change of depository by the trustee and the transfer of trust funds from one (1) depository to another.This section applies only to trust funds that include payments under section 1(a) of this chapter.Formerly: Acts 1963, c.303, s.4. As amended by Acts 1978, P.L.133, SEC.5; P.L.136-2018, SEC.221.
IN Code § 30-2-9-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-5. Compensation and Expenses of Trustee

Sec. 5. This chapter shall not be construed to prohibit a trustee under section 1(a) of this chapter from being reimbursed and receiving from the fund its reasonable expenses in the custody and administration of the funds and the usual and reasonable compensation for its services as the trustee. However, the expenses and compensation shall be fixed by the state board of funeral service in a reasonable amount based upon the principal fund and the earnings of the fund deposited or invested under each of the agreements or series of agreements. A financial institution trustee under section 1.5 of this chapter may be reimbursed for its reasonable expenses from the fund, except the amount shall be fixed by the Indiana department of financial institutions.Formerly: Acts 1963, c.303, s.5. As amended by Acts 1978, P.L.133, SEC.6; P.L.246-1985, SEC.22.
IN Code § 30-2-9-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-6. Liquidated Damages

Sec. 6. It shall be unlawful for any such agreement or agreements to provide for forfeiture and retention of payments upon any such agreement or series of agreements as and for liquidated damages for default of the agreement or series of agreements in excess of ten percent (10%) of the payments made or thirty-five dollars ($35), whichever sum is larger.Formerly: Acts 1963, c.303, s.6. As amended by P.L.136-2018, SEC.222.
IN Code § 30-2-9-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-7. False Reports; Illegal Use or Disbursement of Funds

Sec. 7. (a) Except as provided in subsection (b) or (c), a person who violates this chapter or makes any false and fraudulent report required under this chapter commits a Class B misdemeanor.(b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the purposes required under this chapter commits a Level 5 felony.(c) Except as authorized in an agreement described in section 4 of this chapter permitting the early withdrawal of funds, a trustee that disburses funds in a funeral trust established under this chapter without verifying:(1) the death of the individual for whom services are to be provided under the contract; and(2) that the beneficiary fully performed all funeral and burial services provided for in the contract;through the use of documentation required under rules adopted by the state board of funeral and cemetery service established by IC 25-15-9-1 commits a Class A infraction.Formerly: Acts 1963, c.303, s.7. As amended by Acts 1978, P.L.2, SEC.3001; P.L.113-2007, SEC.8; P.L.61-2008, SEC.4; P.L.158-2013, SEC.304.
IN Code § 30-2-9-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 9. Prepaid Funeral Plans and Funeral Trust Funds Established Before 1982|30-2-9-8. Partial Invalidity of Law

Sec. 8. If any part or parts of this chapter shall be held unconstitutional, the remaining provisions shall be given full force and effect as completely as if the part held unconstitutional had not been included in this chapter, if such remaining part or parts can then be administered for the purpose of licensing and regulating payments for future use in connection with the disposition of a dead human body, as provided for in this chapter.Formerly: Acts 1963, c.303, s.8. As amended by Acts 1982, P.L.171, SEC.116; P.L.136-2018, SEC.223.
IN Code § 30-2-10-1 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-1. Establishment

Sec. 1. An individual may establish one (1) funeral trust under this chapter, in lieu of any other arrangements for advance payment for funeral and burial expense.As added by Acts 1982, P.L.179, SEC.2.
IN Code § 30-2-10-2 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-2. Payments Required to Be Made to Accounts in Certain Banks, Trust Companies, and Other Institutions

Sec. 2. It is unlawful to enter into any agreement or contract for a purpose described in section 1 of this chapter unless the agreement or contract requires that all payments be made by the settlor to an account in a:(1) bank;(2) trust company;(3) savings association; or(4) credit union;with an office in Indiana.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.79-1998, SEC.93; P.L.216-2013, SEC.67.
IN Code § 30-2-10-3 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-3. Validity of Trust; Requirements

Sec. 3. A funeral trust established under this chapter is valid only if it:(1) is irrevocable;(2) has only one (1) settlor;(3) names as trustee an Indiana institution qualified under section 2 of this chapter, and requires that all funds be deposited in that institution;(4) names a funeral home, licensed under IC 25-15, as sole beneficiary; and(5) is accompanied by a written contract between settlor and beneficiary as provided in section 5 of this chapter.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.23.
IN Code § 30-2-10-4 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-4. Trustee; Expenses and Compensation

Sec. 4. The trustee, in the administration of funds accepted under this chapter, may be reimbursed and receive from the funds its reasonable expenses in the custody and administration of the funds, and is entitled to the usual and reasonable compensation for its services as trustee. The expenses and compensation shall be paid in accordance with the rules of the department of financial institutions.As added by Acts 1982, P.L.179, SEC.2.
IN Code § 30-2-10-5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-5. Contracts; Required Provisions

Sec. 5. The contract under which funds are accepted under this chapter must be in writing and contain, as a minimum, the following provisions:(1) Details of the professional services, facilities, equipment, and a description of merchandise to be provided by the beneficiary. If the merchandise or equipment includes a vault (as defined in IC 23-14-33-33) that:(A) will be used to encase the remains of a deceased individual; and(B) is not airtight and watertight;the details must include a written statement indicating that the vault is not airtight and watertight.(2) A provision that the beneficiary may provide merchandise of equal or better quality if the merchandise contracted for is no longer available at the time the merchandise is to be provided.(3) The place of the funeral and the place of the burial or other final disposition to be made of the decedent.(4) An acknowledgment by the settlor that the settlor understands the irrevocable nature of the trust.(5) A provision for reasonable adjustment of the services, or cost of services, if the body is transported a distance greater than twenty-five (25) miles to the place of funeral or the place of burial or final disposition and transportation of a distance in excess of twenty-five (25) miles was not contemplated at the time of the execution of the contract.(6) A provision for full payment of the contract amount by the settlor, a description of the manner in which the funds are to be deposited, and a statement that the interest will accrue to the trust account and a further statement that the principal and interest earned shall inure to the beneficiary to cover all the costs incident to the beneficiary's performance of the contract, any excess to be refunded to the estate of the settlor or to the heirs at law.(7) The settlor's name, address, and social security number.(8) The date that the funeral trust is executed by the settlor.(9) The trustee's name and address.(10) The beneficiary's license number issued by the state board of funeral service.(11) A provision that except under the circumstances described in subsection (12), only the settlor may change the beneficiary, that the settlor may make the change at any time, and that the change is not effective until written notification is given to the original beneficiary.(12) A provision that allows the state board of funeral service to change the beneficiary by naming a funeral home as new beneficiary if the original beneficiary becomes deceased, dissolved, terminated, or otherwise loses beneficiary status as a licensee of the state board, and the settlor or the settlor's guardian or personal representative fails to select a qualified beneficiary.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.24; P.L.61-2008, SEC.5.
IN Code § 30-2-10-6 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-6. Change of Beneficiary; Procedure

Sec. 6. If the settlor changes the beneficiary, he must:(1) select a new beneficiary licensed under IC 25-15, or a funeral home or a funeral director licensed in another state; and(2) give written notification to the funeral home originally named as beneficiary.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.25.
IN Code § 30-2-10-7 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-7. Delivery of Copy of Contract to Settlor

Sec. 7. (a) The settlor shall be furnished an executed copy of the contract.(b) If a contract has been approved and signed by both parties and a copy of the contract has been delivered to the settlor, no further notification to the settlor related to the contract is required.As added by Acts 1982, P.L.179, SEC.2.
IN Code § 30-2-10-8 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-8. Management of Funds by Financial Institutions; Annual Reports From Beneficiaries

Sec. 8. (a) Indiana financial institutions in which trust funds have been deposited in accordance with this chapter may place the funds in a common or commingled trust fund under a single trust instrument. The trustee shall maintain a separate accounting record for each trust fund.(b) All interest earned by funds deposited in accordance with this chapter accrue to the trust.(c) The trustee shall disburse the funds deposited in accordance with this chapter to the named beneficiary to discharge an obligation arising from any contract described in section 5 of this chapter, upon receipt of evidence satisfactory to the trustee that the contract has been performed.(d) A funeral home, licensed under IC 25-15 that is named as beneficiary of funeral trust funds under this chapter shall annually report the following to the state board of funeral service:(1) The funeral home's name, Indiana license number, and officers.(2) The name and address of any trustee with which funeral trust funds are deposited for the funeral home.(e) No bonds or permits are required from funeral homes that enter into contracts described in section 5 of this chapter.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.246-1985, SEC.26.
IN Code § 30-2-10-8.5 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-8.5. Management of Settlor's Funds by Registered Investment Adviser

Sec. 8.5. (a) The bank, trust company, savings association, or credit union that receives the payments made by a settlor under section 2 of this chapter may enter into a contract under which the account into which the settlor's payments are deposited is managed by a third party.(b) To manage the funds in a settlor's account under subsection (a), a third party must be:(1) an investment adviser registered with the United States Securities and Exchange Commission under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.); or(2) an investment adviser registered under IC 23-19-4.(c) In managing the funds in a settlor's account under subsection (a), an investment adviser shall comply in all respects with the Indiana Uniform Prudent Investor Act under IC 30-4-3.5-1(c)(3).As added by P.L.53-2015, SEC.1.
IN Code § 30-2-10-9 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-9. Violations; Offense

Sec. 9. (a) Except as provided in subsections (b) and (c), a person who knowingly violates this chapter commits a Class A misdemeanor.(b) A person who knowingly or intentionally uses or disburses funds in a funeral trust established under this chapter for purposes other than the purposes required under this chapter commits a Level 5 felony.(c) A trustee that disburses funds in a funeral trust established under this chapter without verifying:(1) the death of the individual for whom services are to be provided under the contract; and(2) that the beneficiary fully performed all funeral and burial services provided for in the contract;through the use of documentation required under rules adopted by the state board of funeral and cemetery service established by IC 25-15-9-1 commits a Class A infraction.As added by Acts 1982, P.L.179, SEC.2. Amended by P.L.207-1993, SEC.24; P.L.113-2007, SEC.9; P.L.61-2008, SEC.6; P.L.1-2009, SEC.152; P.L.158-2013, SEC.305.
IN Code § 30-2-10-10 (2021)
2021 Indiana Code|Title 30. Trusts and Fiduciaries|Article 2. General Provisions|Chapter 10. Funeral Trust Funds|30-2-10-10. Incapacity, Resignation, and Removal of Trustees

Sec. 10. IC 30-4-3-29 governs procedures concerning the incapacity, resignation, or removal of a trustee.As added by Acts 1982, P.L.179, SEC.2.