Delaware Code Title 5 Sec. 3403 – Revocable trust accounts; refund to persons making payments
(a) Except as provided in § 3404 of this title, upon the giving of 15 days’ written notice, any person, partnership or corporation who has paid funds for a preneed funeral service may demand a refund of the entire amount actually paid, together with all interest, dividends, increases or accretions of any kind whatsoever which have been earned on such funds.
Terms Used In Delaware Code Title 5 Sec. 3403
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insured institution: means an insured depository institution (as defined in the Federal Deposit Insurance Act at 12 U. See Delaware Code Title 5 Sec. 3401
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
(b) The insured institution shall be relieved from further liability, after making payment to the person making payment of said funds, to the trustee upon receipt of the foregoing written notice. Notice of payment of funds under this section shall be given by the insured institution to the trustee.
24 Del. C. 1953, § ?3122; 58 Del. Laws, c. 415, § ?2; 63 Del. Laws, c. 145, § ?1; 68 Del. Laws, c. 389, §§ ?3, 4; 71 Del. Laws, c. 19, §§ ?10, 14, 15;