Sec. 2. (a) The owner of each cemetery shall provide for the creation and establishment of an irrevocable perpetual care fund.
(b) The principal of a perpetual care fund established under this section shall permanently remain intact, except as provided in this chapter.
(c) The following apply to a perpetual care fund unless the perpetual care fund is a trust that has been converted into a total return unitrust under section 2.6 of this chapter:
(1) Fifty percent (50%) of any appreciation of the principal of the fund may be withdrawn annually not more than forty-five (45) days after the end of the fund's fiscal year.
(2) Any income earned by the fund during the fiscal year may be withdrawn quarterly during the fund's fiscal year.
(d) Any withdrawal of:
(1) income from a perpetual care fund under subsection (c)(2); or
(2) appreciation of the principal of a perpetual care fund under subsection (c)(1);
shall be devoted to the perpetual care of the cemetery, including the immediate maintenance needs of the cemetery.
(e) A perpetual care fund established under this section is not subject to attachment by a creditor unless the underlying debt was incurred for the perpetual care or endowment care (as defined in IC 23-14-33-30) of the cemetery for which the fund was established.
As added by P.L.52-1997, SEC.22. Amended by P.L.66-1999, SEC.1; P.L.14-2018, SEC.3; P.L.33-2019, SEC.1.
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