Ind. Code » Title 23
Indiana Code

Ind. Code § 23-14-48-2 (2025)

Establishment of perpetual care fund; limit on withdrawals

✓ 2025 Indiana Code: the 2026 session is not included
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     Sec. 2. (a) The owner of each cemetery shall provide for the creation and establishment of an irrevocable perpetual care fund.

     (b) The principal of a perpetual care fund established under this section shall permanently remain intact, except as provided in this chapter.

     (c) The following apply to a perpetual care fund unless the perpetual care fund is a trust that has been converted into a total return unitrust under section 2.6 of this chapter:

(1) Fifty percent (50%) of any appreciation of the principal of the fund may be withdrawn annually not more than forty-five (45) days after the end of the fund's fiscal year.

(2) Any income earned by the fund during the fiscal year may be withdrawn quarterly during the fund's fiscal year.

     (d) Any withdrawal of:

(1) income from a perpetual care fund under subsection (c)(2); or

(2) appreciation of the principal of a perpetual care fund under subsection (c)(1);

shall be devoted to the perpetual care of the cemetery, including the immediate maintenance needs of the cemetery.

     (e) A perpetual care fund established under this section is not subject to attachment by a creditor unless the underlying debt was incurred for the perpetual care or endowment care (as defined in IC 23-14-33-30) of the cemetery for which the fund was established.

As added by P.L.52-1997, SEC.22. Amended by P.L.66-1999, SEC.1; P.L.14-2018, SEC.3; P.L.33-2019, SEC.1.

 

Notes of Decisions
Cited in 3 cases, 2009–2011 · leading case: Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009).
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Zoeller v. East Chicago Second Century, Inc., 904 N.E.2d 213 (Ind. 2009). · cites it 2× “Such trusts include "split-interest trusts (as defined in Section 4947 of the Internal Revenue Code)", and perpetual care funds "established under I.C. § 23-14-48-2" and other entities. The General Assembly has also brought within *220 the ambit of Ind.”
Gray v. Bush, 628 F.3d 779 (6th Cir. 2010). “” Ind.Code § 23-14-48-2 (2005). Michigan imposes similar requirements.”
Farno v. Ansure Mortuaries of Indiana, LLC, 953 N.E.2d 1253 (Ind. Ct. App. 2011). · cites it 4× “Memory Gardens and Nelms violated Indiana Code sections 23-14-48-2, 23-14-51-3, [and] 23-14-50-2 by withdrawing substantially all of the money in the perpetual care trusts associated with Memory Gardens that was paid by Plaintiffs and Class Members.”
Ind. Code § 23-14-48-2(b): 1 case
Farno v. Ansure Mortuaries of Indiana, LLC, 953 N.E.2d 1253 (Ind. Ct. App. 2011). “Memory Gardens and Nelms violated Indiana Code sections 23-14-48-2, 23-14-51-3, [and] 23-14-50-2 by withdrawing substantially all of the money in the perpetual care trusts associated with Memory Gardens that was paid by Plaintiffs and Class Members.”
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