Section 328.224 Liability for Principal and Income; Investment of Funds; Changing Escrow Agent or Depository.

MI Comp L § 328.224 (2019) (N/A)

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Sec. 14.

(1) Payments of principal and income by a depository or an escrow agent made in good faith pursuant to the terms of this act shall relieve that depository or escrow agent of any further liability for that principal and income.

(2) An escrow agent shall invest funds held or managed under this act only as expressly authorized by this act and shall not invest funds by purchasing life insurance or annuities the proceeds of which are not payable in full until the happening of some event including, but not limited to, death of the contract beneficiary.

(3) A provider or an escrow agent may, without approval of any other party, change the depository of any escrow account, with or without cause, at any time. A contract buyer shall be notified if the escrow agent or depository is changed.

History: 1986, Act 255, Eff. July 1, 1987 Compiler's Notes: For transfer of powers and duties of certain occupational functions, boards, and commissions from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.

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Section 328.223 Cancellation of Prepaid Contract by Contract Buyer; Notice; Disbursement of Principal and Income; Cancellation of Contract by Contract Seller or Provider; Failure to Use Escrow Account to Make Funeral Arrangements; Assignment or Transfer of Obligations.

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Section 328.225 Prices or Quotations of Prices; Requirements; Exception; Manipulation of Prices Prohibited; Provision for Revocation of Contract; Refund; Disclosure of Right to Cancel Contract and Amount of Refund; Disclosure of Commissions; Services Requiring Mortuary Science License or Funeral Establishment License; Construction of Act; Designation of New Contract Beneficiary; Notice; Clear Indication of Nonguaranteed Price Contract, Actual Costs, and Obligations.

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