Section 567.228a - Unclaimed prepaid funeral contract. - Michigan Statutes

UNIFORM UNCLAIMED PROPERTY ACT (EXCERPT)
Act 29 of 1995

567.228a Unclaimed prepaid funeral contract.

Sec. 8a.

(1) Funds held by a provider under the prepaid funeral contract funding act, Act No. 255 of the Public Acts of 1986, being sections 328.211 to 328.235 of the Michigan Compiled Laws, that remain unclaimed for a period of 5 years after the death of the contract beneficiary or, if no contract beneficiary has been designated under the prepaid funeral contract, 5 years after the death of the owner of the prepaid funeral contract are presumed abandoned.

(2) Funds held pursuant to Act No. 70 of the Public Acts of 1954, being sections 328.201 to 328.204 of the Michigan Compiled Laws, are presumed abandoned, after a period of 15 years, unless the owner or person entitled to the funds has communicated in writing with the banking or financial organization concerning the funds or otherwise indicated in interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization.

History: 1995, Act 29, Eff. Mar. 28, 1996