AN ACT TO AMEND CHAPTER 35, TITLE 12, DELAWARE CODE, BY THE ADDITION THERETO OF A NEW SECTION REQUIRING AND REGULATING PERMANENT LOT CARE FUNDS OF ANY PERSON, PARTNERSHIP OR CORPORATION ENGAGED IN THE BUSINESS OF SELLING BURIAL LOTS WITH PERPETUAL CARE.
Be it enacted by the General Assembly of the State of Delaware:
Section 1. Chapter 35, Title 12, Delaware Code, is hereby amended by adding thereto a new section 3554 to read as follows:
§ 3554. Perpetual care burial lots
(a) Whenever a person, partnership, or corporation engaged in the business of selling burial lots with perpetual care for profit shall sell any burial lot with perpetual care, it shall deposit in a bank and trust company, trust company or national banking association having fiduciary powers, a sum equal to at least one-tenth of the gross sales price of such lot as a permanent lot care fund for the maintenance of burial lots sold with perpetual care and shall designate such banking institution as trustee of such fund. The permanent lot care fund so established shall be invested in compliance with Chapter 33, Title 12 of this Code, and the trustee shall pay semi-annually the net income from the fund to the person, partnership or corporation for the perpetual care and preservation of the burial lots sold with perpetual care.
(b) Any person, partnership or corporation engaged in the business of selling burial lots shall keep a record of all sales of burial lots showing the name of the purchaser or lessee, whether such lot was sold with perpetual care, and the gross sales price. Such records shall be made available to the Attorney General of the State of Delaware for inspection.