1. (a) In addition to meeting the requirements of sections 1 through 3 of this chapter, a cemetery that:

   1. (1) is organized after June 30, 1997, by incorporation, or any other means; or

   2. (2) has its first burial, entombment, or inurnment after June 30, 1997;

      shall, before disposing of a burial lot or right, making a sale of a burial lot or right, or making its first burial, entombment, or inurnment cause to be deposited in a financial institution one hundred thousand dollars ($100,000) in cash in the perpetual care fund established under this chapter for the maintenance of the cemetery.

2. (b) The cemetery owner shall designate the financial institution as trustee of the fund. The financial institution must execute an affidavit stating that it has accepted the trusteeship of the fund and that the one hundred thousand dollars ($100,000) has been deposited in the fund. The cemetery shall:

   1. (1) exhibit the affidavit in the principal office of the cemetery;
   2. (2) keep the affidavit available at all times for examination; and
   3. (3) record the affidavit in the miscellaneous records in the office of the recorder of the county in which the cemetery is located.

3. (c) When the cemetery has deposited in the perpetual care fund, as required by this section, two hundred thousand dollars ($200,000):

   1. (1) the cemetery shall submit proof of this fact to its trustee; and
   2. (2) the trustee shall pay over to the cemetery one hundred thousand dollars ($100,000) that the cemetery deposited in the fund under subsection (a).

4. (d) This section does not apply in the case of a cemetery consisting of a columbarium or a community columbarium:

   1. (1) installed before January 1, 2026; and

   2. (2) owned by a nonprofit organization that:

      1. (A) focuses on veterans;
      2. (B) is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code; and

      3. (C) deposits for each transfer of a niche:

         1. (i) ten percent (10%) of the retail sale amount into the perpetual care fund established under this chapter for the maintenance of the cemetery; and
         2. (ii) ninety percent (90%) of the retail sale amount into an irrevocable trust fund for the purpose of maintaining the grounds and facilities.

As added by P.L.52-1997, SEC.22. Amended by P.L.66-1999, SEC.4; P.L.3-2008, SEC.169; P.L.33-2019, SEC.5; P.L.82-2025, SEC.1.