ADRE LAW BOOK 2025

5. Cemeteries located in an area having a population of fifty thousand or more persons within a radius of fifteen miles from the center of such cemetery must deposit with the trustee the sum of fifty thousand dollars in cash. 32-2194.27. Restrictive use of income from endowed-care fund; obligation The irrevocable trust fund established pursuant to section 32-2194.26 shall be evidenced by an instrument in writing and shall contain the following provisions: 1. There shall be designated a trustee for the endowed-care fund that is a financial insti tution authorized to do business in this state and authorized to act as trustee by the laws of this state for such investments. The trustee must be one in which no officer, director or owner of the cemetery is financially interested in any way. 2. The principal of the trust fund shall remain permanently intact, and only the income or the unitrust amount specified in section 14-11014 or 14-11015 shall be expended. It is the intent of this section that the income or unitrust amount of the fund shall be used solely for the care of plots or other burial spaces sold to third persons with a provision for per petual or endowed care and the care of such other portions of the cemetery immediately surrounding such plots as may be necessary to preserve the beauty and dignity of the plots sold. The fund or its income shall never be used for the development, improvement or em bellishment of unsold portions of the cemetery so as to relieve the owner of the cemetery of the ordinary cost incurred in preparing such property for sale. 3. A financial institution acting as a trustee does not have a legal obligation to operate a cemetery other than providing trust fund income to the receiver or successor of a cemetery unable to meet its perpetual care obligations. A trustee, in its sole discretion and without the approval of the court, may convert the trust to a total return unitrust and administer the endowed-care fund as provided in section 14-11014. 32-2194.28. Deposit in endowed-care fund from sales A. In addition to establishing a trust fund as required by this article, every perpetual or endowed-care cemetery shall deposit into its trust fund according to the following schedule for each sale within thirty days after the contract for the purchase of cemetery property is paid in full: 1. Two dollars seventy-five cents per square foot for each grave. 2. Thirty-six dollars for each niche. 3. One hundred twenty dollars for each crypt. B. In addition to the deposits required in subsection A of this section, a cemetery may deposit in its trust fund up to fifteen per cent of the gross sales price of a grave, niche or crypt. C. This section applies to every cemetery which in any way represents that it is a perpetual or en dowed-care cemetery, regardless of whether it operated as a perpetual or endowed-care cemetery before July 2, 1963. D. In the case of a perpetual or endowed-care cemetery which was in operation as a perpetual or endowed-care cemetery before July 2, 1963, the fund created by the deposits which subsection A of this section requires is subject to the same restrictions to which the trust funds required by sections 32-2194.24 and 32-2194.25 are subject. 32-2194.29. Posting of signs by cemeteries Each cemetery shall post in a conspicuous place in the office or offices where sales are conducted

108