Vermont Statutes Title 26 Sec. 1275
Terms Used In Vermont Statutes Title 26 Sec. 1275
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the Director of the Office of Professional Regulation. See
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Funeral director: means a licensed person who is the owner, co-owner, employee, or manager of a licensed funeral establishment and who, for compensation, engages in the practice of funeral service. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 1275. Duties of escrow agents
(a) An escrow agent appointed in accordance with the provisions of this subchapter shall maintain funds in an escrow account intact, unless commingled in a single account with other such funds, or until the services contracted for are performed, and the merchandise delivered, the buyer defaults, or the contract and assets are transferred under section 1274 of this title. When the funeral director submits a death certificate and acknowledgment that the contract has been performed, the escrow agent shall pay to the funeral director the amount deposited and all income earned thereon and retained in the account. The certificate and affidavit shall be sufficient to authorize the escrow agent, acting alone, to make such payment without liability to any other person.
(b) If, for any reason, the funeral director fails promptly to meet his or her obligation under the contract upon the death of the beneficiary, the next of kin or personal representative of the deceased person, having provided for such services, may receive from the escrow agent the amount of money in the escrow account. An affidavit that states that services have been performed or property delivered, signed by the next of kin or personal representative and the funeral director who has provided such services, shall be sufficient to authorize the escrow agent, acting alone, to make such payment without liability to any other person. Nothing contained in this section shall excuse nonperformance by a funeral director. (Added 1991, No. 219 (Adj. Sess.), § 5, eff. Jan. 1, 1993.)