CHAPTER 389
FORMERLY
HOUSE BILL NO. 430
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 3, TITLE 5 OF THE DELAWARE CODE BY ADDING A NEW SECTION RELATING TO IRREVOCABLE TRUST ACCOUNTS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Three-fifths of all members elected to each House thereof concurring therein):
Section 1. Amend §302(b), Chapter 3, Title 5, Delaware Code, by inserting the phrase, "Except where payment is made pursuant to §303 or the trust is established in accordance with §304 of this title," at the beginning of the first sentence.
Section 2. Amend §302(c), Chapter 3, Title 5, Delaware Code, by inserting the phrase, "Except as provided in §304 of this title," at the beginning of the first sentence.
Section 3. Amend §303, Chapter 3, Title 5, Delaware Code, by deleting the title of said section, and inserting in lieu thereof, "§303. Revocable Trust Accounts; Refund to Persons Making Payments".
Section 4. Amend §303(a), Chapter 3, Title 5, Delaware Code, by inserting the phrase, "Except as provided in §304 of this title," at the beginning of the first sentence.
Section 5. Amend Chapter 3, Title 5, Delaware Code by inserting a new section to be designated §304, and renumbering the existing §304 and all subsequent sections accordingly:
"§304. Irrevocable trust accounts.
Any person, partnership or corporation who enters into a preneed funeral contract has the option, at any time, to establish an irrevocable trust for all funds or any portion of payments made or to be made under the agreement, contract or plan. At no time shall such funds exceed $5,000.00.
The trust document establishing an irrevocable trust shall contain such specific provisions as the Commissioner may by regulation require."
Approved July 16, 1992.