Vermont § 1274 - Transfer of contracts and assets

§ 1274. Transfer of contracts and assets

• (a) A buyer of prepaid funeral arrangements may transfer a revocable or irrevocable contract
  and assets to another funeral director under similar arrangements, in Vermont or outside.
  The funeral director who originated the contract may charge the buyer a transfer fee
  of no more than five percent of the principal amount of the assets. (b) A funeral director shall transfer a contract and assets to another funeral director
  if any of the following events occur: (1) The funeral director’s business is sold. (2) The funeral director becomes insolvent or bankrupt. (3) The funeral director ceases to do business. Before transferring a contract and assets
  under this subsection, the funeral director shall notify the buyer of the director’s
  intent to make such a transfer, and the buyer may choose the funeral director to whom
  the contract and assets will be transferred. (c) If a buyer of a prepaid funeral arrangement defaults in making payments required under
  the terms of the contract, or if the buyer or the person responsible for making funeral
  arrangements for the deceased beneficiary fails to have the funeral director provide
  services, the funeral director may retain up to five percent of the amount in the
  escrow account at the time of default. The escrow agent shall pay the amount retained
  to the funeral director and the balance to the buyer when the funeral director gives
  written notice of default. (d) The assets held in an escrow account, including any earnings on the assets, shall
  not be available to the funeral director and shall be exempt from levy or execution
  for the debts of the funeral director, except as otherwise provided in this subchapter. (Added 1991, No. 219 (Adj. Sess.), § 5, eff. Jan. 1, 1993.)