436.456. Cancellation of contract, when, procedure.

MISSOURI STATUTES AND CODES

436.456. Cancellation of contract, when, procedure.

Cancellation of contract, when, procedure.

436.456. At any time before final disposition, or before the funeralor burial services, facilities, or merchandise described in a preneedcontract are furnished, the purchaser may cancel the contract, ifdesignated as revocable, without cause. In order to cancel the contractthe purchaser shall:

(1) In the case of a joint account-funded preneed contract, deliverwritten notice of the cancellation to the seller and the financialinstitution. Within fifteen days of receipt of notice of the cancellation,the financial institution shall distribute all deposited funds to thepurchaser. Interest shall be distributed as provided in the agreement withthe seller and purchaser;

(2) In the case of an insurance-funded preneed contract, deliverwritten notice of the cancellation to the seller. Within fifteen days ofreceipt of notice of the cancellation, the seller shall notify thepurchaser that the cancellation of the contract shall not cancel any lifeinsurance funding the contract and that insurance cancellation is requiredto be made in writing to the insurer;

(3) In the case of a trust-funded preneed contract, deliver writtennotice of the cancellation to the seller and trustee. Within fifteen daysof receipt of notice of the cancellation, the trustee shall distribute onehundred percent of the trust property including any percentage of the totalpayments received on the trust-funded contract that have been withdrawnfrom the account under subsection 4 of section 436.430 but excluding theincome, to the purchaser of the contract;

(4) In the case of a guaranteed installment payment contract where thebeneficiary dies before all installments have been paid, the purchasershall pay the seller the amount remaining due under the contract in orderto receive the goods and services set out in the contract, otherwise thepurchaser or their estate will receive full credit for all payments thepurchaser has made towards the cost of the beneficiary's funeral at theprovider current prices.