§ 23-18-5 - Sales before completion of structure – Bond.
SECTION 23-18-5
§ 23-18-5 Sales before completion ofstructure – Bond. – No crypt, room, or space in the structure shall be sold or offered for salebefore the structure is entirely completed, unless and until the agency sellingthe crypt or niches, enters into an agreement whereby it agrees to refund toeach and every purchaser all sums of money paid by each, together with legalinterest on all sums of money, in the event it fails to complete the structurewithin the time which shall have been limited by the city or town wherein thestructure is located, which agreement shall be entered into with some bank ortrust company or other organization as trustee for the persons as directed bythe city or town, nor until the agency shall also have made, executed anddelivered to the trustee, its bond, with adequate security, if required,conditioned upon paying to the trustee a sum of money sufficient to provide forthe refund previously provided and to provide for the repair, maintenance, andreplacement of the structure, or shall have paid or delivered to the trustee asum of money or other property sufficient for these purposes, the amount of thebond, payment, or delivery of property and the security on the bonds, if anyshall be required, to be fixed and determined by the city or town wherein thestructure is located.