§ 5-33.1-5 - Disposition of funds held in escrow. - Rhode Island Statutes

SECTION 5-33.1-5

   § 5-33.1-5  Disposition of funds held inescrow. – Funds held in an escrow account in accordance with the provisions of a funeralservice contract shall remain intact. Upon submission to the escrow agent of astatement that the services, personal property and merchandise have been fullyperformed or delivered, subscribed and sworn to under the penalties of perjuryby the director of the funeral service establishment, the escrow agent shallpay to the funeral service establishment the amounts deposited in the escrowaccount pursuant to the funeral service contract and all income earned on theseamounts and retained in the escrow account. At performance, the charges for"funeral goods and services selected" may be adjusted to reflect currentreasonable and customary charges. The additional charges are to be itemized ona second contract marked "Part II" "funeral goods and services selected" form.Excess funds are to be returned to the beneficiary within fifteen (15) days ofperformance of the contract. Total expenses shall not exceed the total ofescrow accounts.