(1) Before disbursing any trust assets to discharge a preneed contract, the trustee shall determine that the amount of assets to be released does not exceed the funds trusted.
If a preneed contract is cancelled by the contract buyer or the contract buyer's heirs,assigns, or duly authorized representatives, the trustee shall require a copy of the signed cancellation request before releasing trust assets.
If a preneed contract is cancelled by the contract seller due to a default by the contract buyer, the trustee shall require an affidavit from an officer or owner of the contract seller setting forth such default before releasing funds.
If a preneed contract is performed by the contract seller, the trustee shall require anaffidavit from an officer or owner of the contract seller setting forth such performance before releasing funds.
Source: L. 95: Entire article R&RE, p. 1042, § 1, effective May 25.
Editor's note: This section is similar to former § 10-15-110 as it existed prior to 1995.