58-9-704 - Interest earned on trust funds.
58-9-704. Interest earned on trust funds.
Interest earned on trust funds shall be available for expenditure according to the followingpriority:
(1) to pay the reasonable trustee expenses of administering the trust within a maximumamount established by rule;
(2) to pay within a maximum amount established by rule under Section 58-9-504 thereasonable provider expenses associated with:
(a) the sale of the plan;
(b) administering the collection, remittance, and accounting of the amount of paymentsmade into the corpus of the trust; and
(c) reporting required with respect to those contracts:
(i) that have been sold; and
(ii) under which the provider is obligated;
(3) to pay the costs of providing any of the following for which the provider is obligatedunder a specific outstanding preneed funeral arrangement contract:
(a) personal property; and
(b) services at need; and
(4) to pay the provider available funds left in the individual trust account after:
(a) all costs of providing personal property and services for which the provider isobligated under the contract underlying the trust; or
(b) (i) the contract is canceled as provided under this chapter; and
(ii) all amounts payable to the buyer, beneficiary, or any other person have been paid infull.
Enacted by Chapter 49, 2003 General Session