New Jersey Jurisprudence Final Exam (Real Exam) 2023 Any such trust agreement shall conspicuously disclose in
writing to the purchaser or intended funeral recipient, prior to
the acceptance of any moneys by the trustees:
1) The right to immediately withdraw on demand any moneys
placed in such trust, plus accrued interest;
2) That the purchaser or the intended funeral recipient shall
receive periodic statements not less then once per year
reflecting the amount of principal and accrued interest, if any,
in the trust;
3) The amount or rate of any commissions to be lawfully taken;
4) The identities and business addresses of each of the trustees
of the pooled trust, except in the case of trustees selected by
a bona-fide nonprofit organization, in which instance the
notice of the availability of the trust document shall suffice:
76. How much commission the trustees of a pooled trust fund
can get?: 1% The trustees of a pooled trust fund for the benefit of
at least 200 purchasers or intended funeral recipients shall be
entitled to a commission not to exceed one percent per annum of
the corpus of the trust fund, which shall be paid out of any
income, and in no event shall the trustees invade the corpus of
the trust funds. Any expenses incurred in the administration of
such a trust may be recouped from this commission, and such
expenses shall not be deducted from any other earnings of the
trust
77. CASH ADVANCE ITEMS; APPLICATION OF INTEREST
INCOME:
Where the surplus funds can be applied In a pre-paid
guaranteed price agreement?: If a prepaid funeral agreement is
a guaranteed price agreement and the provider accepts funds for
any cash disbursements at the time that the prepaid funeral
agreement is made, then at the time of need, the provider shall first
apply the interest earned by the prepaid cash disbursements to any
increased costs of those disbursements, and shall refund any
surplus funds or interest on the disbursements to the purchaser or
legal representative of the intended funeral recipient or apply such
surplus to any other use as directed by such persons.