Section 30-2-9-4 - Deposits or investments; interest or dividends; withdrawal; forfeitureThe amount or amounts deposited or invested, with interest or dividends on the amount or amounts, if any, shall not be withdrawn until the death of the person or persons for whose funeral or burial such funds were paid, unless sooner withdrawn and repaid to the person who originally paid the money under or in connection with said agreement or series of agreements or to the person's legal representative. However:
(1) if the agreement or series of agreements provides for forfeiture and retention of any or all such payments by reason of default in payment upon and according to the terms of the agreement or series of agreements, then upon any such default and forfeiture the trustee may withdraw such deposits or investments; and(2) nothing in this section shall prohibit the change of depository by the trustee and the transfer of trust funds from one (1) depository to another. This section applies only to trust funds that include payments under section 1(a) of this chapter.
Amended by P.L. 136-2018,SEC. 221, eff. 7/1/2018.(Formerly: Acts 1963, c.303, s.4.) As amended by Acts1978 , P.L. 133, SEC.5.