(1) Each trust established by a funeral service establishment shall be administered in accordance with a trust agreement conforming with: (a) the requirements of this chapter; (b) rules adopted with respect to this chapter; (c) the provisions of Title 75B, Chapter 2, Uniform Trust Code; and (d) all other state and federal laws applicable to trusts and trust agreements. (2) Each trust agreement shall require that the funeral service establishment maintain a copy of the trust agreement until five years after all of its obligations under the trust agreement have been executed or transferred. (3) Each trust agreement shall require that the trustee: (a) separately account for each contract; and (b) separately record payments with respect to each contract made into the corpus of the trust. (4) Each trust agreement shall provide for distributions from the trust in accordance with the provisions of this chapter upon: (a) the death of the beneficiary; (b) revocation of the contract by the funeral service establishment upon nonpayment by the buyer; or (c) revocation of the contract by the beneficiary or buyer.
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