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Who can be a trustee of a cemetery endowment care fund?

April 26, 2017cemetery endowment fund Trustee

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Who can be a trustee of a cemetery endowment care fund?

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A. The trustee of a cemetery endowment care fund must either be a bank, trust company, savings and loan association, other financial institution, or a board of trustees, at least three of whom reside within the State of Alabama and are bonded to honestly perform the duties of trustee under a formal trust agreement. The amount of bond on each trustee shall be a minimum of $25,000.00, but in no event shall the bond on each trustee be less than the amount held in the endowment care fund.