New Jersey Jurisprudence Final Exam (Real Exam) 2023

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.