§ 58-9-702. Payments to be held in trust -- Trustee qualifications.

Latest version.

(1)

All money representing payments for the purchase of a preneed funeral arrangement shall be deposited by the provider or sales agent receiving the payment:

(a)	within 10 business days after the day on which the provider or sales agent receives the payment in the form of cash or cash equivalent; or

(b)	within 35 calendar days after the day on which the provider or sales agent receives the payment in the form of a negotiable instrument.

(2)	All money received under Subsection (1) shall be placed in a trust account naming as trustee a Utah financial institution authorized to engage in the trust business under Title 7, Chapter 5, Trust Business.

Enacted by Chapter 49, 2003 General Session

                    
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