72-37-102. Deposit of money -- trust fund. (1) Within 30 days after receipt, a party to a contract for a prearranged funeral plan or related services holding money in trust according to 72-37-101 shall deposit the money in a banking institution or invest the money in the stock of a savings or building and loan association or in the shares of a credit union organized under the laws of the state of Montana or of the United States and having its principal place of business in this state. The deposits of the money in a banking institution or the investment in a savings or building and loan association or credit union must be insured by an instrumentality of the federal government.
     (2) The deposits or investments constitute a trust fund for the benefit of the person who has contracted for a prearranged funeral plan or related services. The money must be deposited in a separate account in the name of the depositor as trustee for the person who has contracted for a prearranged funeral plan or related services.

     History: En. Sec. 2, Ch. 232, L. 1953; R.C.M. 1947, 86-702; Sec. 72-27-202, MCA 1987; redes. 72-37-102 by Code Commissioner, 1989; amd. Sec. 7, Ch. 365, L. 1997.