California Business and Professions Code

§ 7737

BPC § 7737 Effective Jan 1, 2022Div. 3 · Ch. 12 · Art. 9

Statute text

(a)All securities purchased by the trustor for deposit in trust and all money received from the trustor for deposit in trust shall be placed in trust with a trustee within 30 days of their receipt by the funeral establishment pursuant to a trust agreement executed by the funeral establishment, the trustor, and the trustee. The trust agreement shall provide that the trustee shall hold the money or securities in trust for the purposes for which it was deposited.

(b)The trust agreement shall provide that the trustee, upon the signature of a majority of the trustees, shall deliver the corpus of the trust and any income accrued in the trust, including interest, dividends, and capital gains, as follows:

(1)To the funeral establishment upon the filing of a certified copy of the death certificate or other satisfactory evidence of the death of the beneficiary, together with satisfactory evidence that the funeral establishment has furnished the merchandise and services. In the case of a trust agreement between any of the trustees set forth in Section 7736 and a recipient of public assistance under subdivision (a) of Section 11158 of, or paragraph (1) of subdivision (e) of Section 12152 of, the Welfare and Institutions Code, and if the value limitations of those sections are not exceeded, the trust agreement may further provide that it is irrevocable.

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Legislative history

Repealed (in Sec. 1) and added by Stats. 2021, Ch. 514, Sec. 2. (AB 293) Effective January 1, 2022. Operative January 1, 2023, by its own provisions.