Perpetual Care Trust Fund Agreement

Adopts the new GS 65-64.1, Eternal Care Fund Management. Provides that the status applies to contracts for good faith care funds entered into, renewed or amended on the date of the coming into force of this Act or after the coming into force of this Act. Defines the Eternal Care Trust Fund as a trust fund that provides for the eternal maintenance and maintenance of a cemetery, including a care and care fund, a trust fund for eternal care and an eternal trust fund. He adds that the status is at odds with other provisions of Article 9, new Gs 65-64.1 controls. For the management of the Fund, it is intended as follows. The agent is responsible for investing and reinvesting the eternal care trust fund according to GS 32-71. Ask the agent, at least quarterly, to pay the cemetery company the net proceeds of the trust fund for permanent maintenance and to make the cemetery company impervious to an accounting showing all investments, investment costs, current market value of investments, all investment income and income from the cemetery company during the period covered by the count. It is the agent`s responsibility to add all revaluations, profits, dividends and other benefits, along with other cash income, to the Corpus of the Eternal Care Trust. Requires the agent to have a loss of an investment for the body. If the net income is not sufficient to pay all the management fees of the trust, the cemetery company is not required to pay the outstanding amount. Finds that no person can withdraw, transfer or assert an interest in the safety of a body part. Prohibits parties to a permanent management agreement from amending the requirements of the statute without first obtaining the written agreement of the cemetery commission or, if the state treasurer is more fiduciary, the state treasurer.

Authorizes a cemetery company to enter into an indeterminate care trust fund contract with an agent who meets the requirements of GS 65-60.1 or the Public Treasury. The State Treasury charges the state treasury to replace an agent if: (1) if the agent is authorized by the commissioner of banks or the administrator of credit unions, if the agent`s license is suspended, revoked or expired or (2) the cemetery commission rejects the agent. In 2003, the city merged the Perpetual Care Trust and the General Reserve Trust into the Perpetual Care Trust Fund to manage and provide the necessary maintenance and care funds for the city`s four cemeteries. It is necessary that the trustee of a permanent care trust fund be responsible for depositing a loan with the Cemetery Board to ensure compliance with the agent`s obligations under section 9. Provides parameters for the execution and amount of the agent`s loan. Finds that a bank or trust company licensed for trust transactions in North Carolina is exempt from these requirements. Adds that the State Treasurer is also exempt from these requirements. Amends GS 65-48 (definitions of the Cemetery Act of North Carolina) to add and define the concepts of net income and trust funds for eternal care.

Applies to indeterminate leases entered into, renewed or amended when the law comes into force or after the law comes into force.