1997 Regular Session
To: Public Health and Welfare; Judiciary
By: Senator(s) Woodfield
Senate Bill 2974
AN ACT TO AMEND SECTION 75-63-17, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE ADMINISTRATION OF THE TRUST FUNDS ESTABLISHED FOR PRE-NEED FUNERAL SERVICE CONTRACTS, TO EMPOWER THE CHANCERY COURTS TO EXERCISE JURISDICTION OVER SUCH TRUSTS AND TO PROVIDE FOR CERTAIN REPORTS AND NOTICES OF TRUST OPERATION AND IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 75-63-17, Mississippi Code of 1972, is amended as follows:
75-63-17. All trusts created pursuant to this chapter shall have corporate entities as trustees. The trust fund established under the provisions of this chapter shall be administered under the jurisdiction of the chancery court of the chancery court district wherein the seller is located or if the seller be located outside of the State of Mississippi then in the chancery court of the chancery court district wherein the purchaser resides. Trust funds maintained under this chapter for more than one (1) seller may be commingled or commingled with other funeral or burial related trust funds and shall be administered under the jurisdiction of the Hinds County Chancery Court and filed with the clerk thereof. The chancery courts so having jurisdiction shall have full jurisdiction over the reports and accounting of trustees, amount of surety bond required, and investment of funds. The courts may waive the surety bond and control over investments in the case of trusts placed with an established bank or corporate trustee.
SECTION 2. This act shall take effect and be in force from and after July 1, 1997.