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Endowment Care Cemetery Authority

Concerning endowment care funds administered for cemetery authorities.
2017 Regular Session

The bill authorizes the fiduciary of an endowment fund to distribute principal, such as capital gains, under a unitrust election. This facilitates investing in stocks.

The bill authorizes a cemetery authority to request that the fiduciary convert an endowment fund to a unitrust. The fiduciary and cemetery authority must agree on the terms of conversion, the distribution method, and the distribution rate. The distributions must be made on a monthly, quarterly, semi-annual, or annual basis, but the default is monthly. The unitrust must comply with certain current unitrust laws.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)


Became Law

Bill Text