2005 North Carolina Code - General Statutes Article 4 - Trust Funds for the Care of Cemeteries.

Article 4.

Trust Funds for the Care of Cemeteries.

§ 65‑7.� Money deposited with clerk of superior court.

For the maintenance and preservation of graves, burial plats, graveyards and cemeteries which may be neglected, any person, firm, or corporation may, by will or otherwise place in the hands of the clerk of the superior court of any county in the State where such� grave or lot is located any sum of money not less than one hundred dollars ($100.00) nor more than ten thousand dollars ($10,000), the income from which is to be used for keeping in good condition any grave, burial plat, graveyard, or cemetery in the county in which the� money is placed, with specific instructions as to the use of the fund. (1917, c. 155, s. 1; C.S., s. 5024; 1979, c. 38.)

 

§ 65‑8.� Separate record of accounts to be kept.

It shall be the duty of the clerk of the superior court to keep a separate record for keeping account of the money deposited as above provided, to keep a perpetual account of the same therein, and to record therein the specific instructions about the use of the income on such money. He shall see that the income is spent according to such specific instructions, and shall make report of the same from� year to year in the same manner as if it were guardian funds. (1917, c. 155, s. 1; C.S., s. 5025.)

 

§ 65‑9.� Funds to be kept perpetually.

All money placed in the office of the superior court clerk in accordance with this Article shall be held perpetually, or until such time as the balance of the trust corpus falls below one hundred dollars ($100.00), at which time the trust shall terminate and the clerk shall disburse the remaining balance as provided in G.S. 36A‑147(c). Except as otherwise provided herein, no one shall have authority to withdraw or change the direction of the income on same. (1917, c. 155, s. 2; C.S., s. 5026; 1995, c. 225, s. 2.)

 

§ 65‑10.� Investment of funds.

Such money shall be invested in the same manner as is provided by law for the investment of other trust funds by the clerk of the superior court. (1917, c. 155, s. 3; C.S., s. 5027; 1943, c. 97, s. 1.)

 

§ 65‑11.� Clerk's bond and fees; substitution of bank or trust company as trustee.

The official bond of the clerk of the superior court shall be liable for all such sums as shall be paid over to him on account of the provisions of this Article. The clerk shall receive for his services and responsibilities a commission of ten percent (10%) on the net income each year of such money; and the fees or commissions so received by him under this Article shall not be taken into consideration as a part of his salary.

In lieu of the provisions of the first paragraph of this section, the clerk of the superior court may, with the consent and approval of the sheriff and register of deeds, appoint any bank or trust company authorized to do business in this State as trustee for the funds authorized to be paid into his office by virtue of this Article; provided, that no bank or trust company shall be appointed as such trustee unless such bank or trust company is authorized and licensed to act as fiduciary under the laws of this State.

Before any clerk shall turn over such funds to the trustee so appointed, he shall require that the trustee so named qualify before him as such trustee in the same way and manner and to the same extent as guardians are by law required to so qualify. After such trustee has qualified as herein provided, all such funds coming into his hands may be invested by it only in the securities set out in G.S. 7A‑112 and the income therefrom invested for the purposes and in the manner heretofore set out in this Article. All trustees appointed under the provisions of this Article shall render and file in the office of the clerk of the superior court all reports that are now required by law of guardians. (1917, c. 155, ss. 3, 4; C.S., s. 5028; 1939, c. 18; 1943, c. 97, s. 2.)

 

§ 65‑12.� Funds exempt from taxation.

All money referred to in the preceding sections of this Article shall be exempt from all State, county, township, town, and city taxes. (1917, c. 155, s. 4; C.S., s. 5029.)