436.458. Alternative provider permitted, when. - Missouri Statutes

Alternative provider permitted, when.

436.458. 1. A purchaser may select an alternative provider as thedesignated provider under the original contract if the purchaser notifiesthe seller and original provider in writing of the purchaser's intent,stating the name of the alternative provider and the alternative providerconsents to the new designation. Purchasers shall not be penalized orassessed any additional fee or cost for such transfer of the providerdesignation.

2. The seller shall pay the newly designated provider all paymentsowed to the original provider under the contract. The newly designatedprovider shall assume all rights, duties, obligations, and liabilities asthe original provider under the contract. Interest shall continue to beallocated to the seller as provided under the contract.

3. In the case of a trust-funded contract and upon written notice tothe seller of the purchaser's intent to select an alternative providerunder subsection 1 of this section, the seller shall either continue thetrust with the new provider in place of, and to receive all payment owedto, the original provider under the original agreement, or pay to the newtrust all of the trust property, including principal and income.

(L. 2009 S.B. 1)