§ 1275 - Duties of escrow agents - Vermont Statutes

§ 1275. Duties of escrow agents

(a) An escrow agent appointed in accordance with the provisions of this subchapter shall maintain funds in an escrow account intact, unless commingled in a single account with other such funds, or until the services contracted for are performed, and the merchandise delivered, the buyer defaults or the contract and assets are transferred under section 1274 of this title. When the funeral director submits a death certificate and acknowledgment that the contract has been performed, the escrow agent shall pay to the funeral director the amount deposited and all income earned thereon and retained in the account. The certificate and affidavit shall be sufficient to authorize the escrow agent, acting alone, to make such payment without liability to any other person.

(b) If, for any reason, the funeral director fails promptly to meet his or her obligation under the contract upon the death of the beneficiary, the next of kin or personal representative of the deceased person, having provided for such services, may receive from the escrow agent the amount of money in the escrow account. An affidavit which states that services have been performed or property delivered, signed by the next of kin or personal representative and the funeral director who has provided such services, shall be sufficient to authorize the escrow agent, acting alone, to make such payment without liability to any other person. Nothing contained in this section shall excuse nonperformance by a funeral director. (Added 1991, No. 219 (Adj. Sess.), § 5, eff. Jan. 1, 1993.)