§ 5-605. Trust agreement

   (a) Written agreement required. -- The terms of a trust to provide for perpetual care shall be designated in a written agreement between the registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and trustee.

(b) Terms. -- The terms of the trust agreement:

   (1) shall conform to this subtitle; and

   (2) may include provisions about:

      (i) payment of income;

      (ii) accumulation of income;

      (iii) reinvestment of income;

      (iv) administration of the trust fund; and

      (v) powers of the trustee as to investments.

(c) Irrevocability. --

   (1) A trust agreement shall be irrevocable.

   (2) However, a trust agreement may:

      (i) give the registered cemeterian, permit holder, or other person subject to the trust requirements of this subtitle the right to remove the trustee and appoint another qualified trustee; and

      (ii) provide for the appointment of individuals as cotrustees and successor cotrustees with a corporate trustee.

HISTORY: An. Code 1957, art. 23, § 165A; 1992, ch. 4, § 2; 1997, ch. 675, § 1, 2; 2006, ch. 348; 2007, ch. 348, § 2.