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.
Structure Michigan Compiled Laws
Chapter 328 - Dead Human Bodies
Act 255 of 1986 - Prepaid Funeral and Cemetery Sales Act (328.211 - 328.235)
Section 328.211 - Short Title.
Section 328.212 - Meanings of Words and Phrases.
Section 328.213 - Definitions; B to D.
Section 328.214 - Definitions; D to M.
Section 328.215 - Definitions; N to U.
Section 328.219 - Notice of Purchase or Assignment of Business Operations or Prepaid Contracts.
Section 328.220 - Nonguaranteed or Guaranteed Price Contracts; Execution.
Section 328.221 - Guaranteed Price Contract; Requirements.
Section 328.227 - Rules Generally.
Section 328.228 - Prohibited Conduct; Rules; Administrative Action.
Section 328.231 - Violations; Penalties.
Section 328.232 - Conversion of Funds as Felony; Violation as Misdemeanor; Penalties.
Section 328.234 - Action to Force Compliance; Damages; Orders.