Bill Summary for S 403 (2013-2014)

Summary date: 

Mar 25 2013
S.L. 2014-111

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 403 (Public) Filed Monday, March 25, 2013
Intro. by Bingham.

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Bill summary

Amends GS 36C-9-901(d)(1), which provides that the Uniform Prudent Investor Act (Article 9, GS Chapter 36C) does not apply to specified trusts, unless the trust provides otherwise via specific reference to Article 9, to remove trusts that are created by a legislative act from among those trusts to which Article 9 does not apply.

Makes conforming changes to and amends GS 65-60.1(e) to require that any trustee invest and reinvest cemetery trust funds in accordance with GS 32-71, which imposes a reasonable and prudent person standard of care on any fiduciary of the property of others.

Amends GS 90-210.61(a)(1) to provide that if a pre-need funeral contract purchaser chooses to fund the pre-need funeral contract by a trust deposit or deposits, then the pre-need licensee must deposit all funds within 30 days from the end of the calendar month in which the payment is received in accordance with the provisions of GS 32-71. Makes additional conforming changes to GS 90-210.6(a)(1) regarding pre-need funeral funds as related to trust funds.

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