Rule 590-3-3-.07 - Depository of Perpetual Care Trust Fund(1) The following persons may act as the depository of the perpetual care trust fund required by Sec. 10-14-6 of the Act: (a) Those institutions specifically described in Sec. 10-14-6 of the Act;(b) An insurance company licensed to do business in Georgia and which has an A.M. Best rating of B+ or better;(c) Any other financial institution not specifically noted in this Rule and which petitions the Secretary of State for approval. The Secretary of State may approve such institution as a depository if it demonstrates to the Secretary of State its financial soundness and responsibility and complies with the other requirements of this Rule.(2) No financial institution shall serve as a depository unless it either: (a) maintains an office in this State at which the account is maintained and which subjects the institution to the jurisdiction of the courts of this State; or(b) agrees, in a form acceptable to the Secretary of State, that jurisdiction and venue for any dispute related to the perpetual care trust fund shall lie in the Superior Court of the county in which the relevant cemetery is located or Fulton County.(3) In making any investments and in acquiring and retaining those investments and managing the perpetual care trust fund, the trustee shall exercise the judgment and care, under the circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital.(4) Funds in a perpetual care trust account into which deposits are made on account of sales occurring on or after July 1, 2000 shall be invested and reinvested according to Sec. 10-14-6(f) of the Act, which includes, but is not limited to, investing the funds in manner in which the funds are not subject to a risk of capital loss; in investments guaranteed by a governmental insurance entity of the type described in Sec. 10-14-6(a)(3) of the Act, or in a high-quality bond, note or certificate of deposit issued by any of the following: (a) a municipal, state or federal governmental entity, (b) a financial institution eligible to be a trustee or depository of a perpetual care trust account, or(c) by any financial institution approved by the Secretary of State who agrees to abide by the investment laws of Code Sections 53-8-1 through 53-8-4 of the 'Pre-1998 Probate Code,' if applicable, or Code Section 53-8-1 and Code Section 53-12-287 of the 'Revised Probate Code of 1998'.Ga. Comp. R. & Regs. R. 590-3-3-.07
O.C.G.A. Secs. 10-14-6, 10-14-14, 44-3-134, 44-3-139.
Original Rule entitled "Depository of Perpetual Care Trust Account" adopted as ER. 590-3-3-0.10-.07. F. July 7, 1983; eff. July 1, 1983, the date of adoption.Amended: Permanent Rule of same title adopted. F. Sept. 9, 1983; Oct. 5, 1983, as specified by the Agency.Amended: F. Dec. 20, 1988; eff. Jan. 9, 1989.Repealed: New Rule of same title adopted. F. July 26, 2000; eff. August 15, 2000.Repealed: New Rule of same title adopted. F. May 19, 2005; eff. June 8, 2005.Amended: F. Oct. 7, 2015; eff. Oct. 27, 2015.