House Journal: Page 1323: Monday, April 23, 2001
46 11. "Establishment" means each business
47 establishment that advertises, sells, promotes, or
48 offers cemetery merchandise, funeral merchandise,
49 funeral services, or a combination thereof prior to
50 the death of the person named or implied in a purchase
Page 3
1 agreement.
2 12. "Financial institution" means a state or
3 federally insured bank, savings and loan association,
4 credit union, trust department thereof, or a trust
5 company authorized to do business within this state
6 and which has been granted trust powers under the laws
7 of this state or the United States, which holds funds
8 under a trust agreement. "Financial institution" does
9 not include:
10 a. A seller.
11 b. Anyone employed by or directly involved with
12 the seller in the seller's cemetery merchandise,
13 funeral merchandise, or funeral services business.
14 13. "Funeral merchandise" means personal property
15 used for the final disposition of a dead human body,
16 including but not limited to clothing, caskets,
17 vaults, urns, and interment receptacles. "Funeral
18 merchandise" does not include easements for burial
19 rights in a completed space or cemetery merchandise.
20 14. "Funeral services" means services provided for
21 the final disposition of a dead human body, including
22 but not limited to services necessarily or customarily
23 provided for a funeral, or for the interment,
24 entombment, or cremation of a dead human body, or any
25 combination thereof. "Funeral services" does not
26 include perpetual care or maintenance.
27 15. "Inner burial container" means a container in
28 which human remains are placed for burial or
29 entombment. Where only one container is used for
30 burial or entombment, "inner burial container"
31 includes a container serving as a burial vault, urn
32 vault, grave box, grave liner, or lawn crypt.
33 16. "Insolvent" means the inability to pay debts
34 as they become due in the usual course of business.
35 17. "Interest or income" means unrealized net
36 appreciation or loss in the fair value of cemetery
37 merchandise, funeral merchandise, and funeral services
38 trust assets for which a market value may be
39 determined with reasonable certainty, plus the return
40 in money or property derived from the use of trust
41 principal or income, net of investment losses, taxes,
42 and expenses incurred in the sale of trust assets, any
43 cost of the operation of the trust, and any annual
44 audit fee. "Interest or income" includes but is not
© 2001 Cornell College and
League of Women Voters of Iowa
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