Section 27-17A-44 Rights of seller. - Alabama Statutes

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Section 27-17A-44

Rights of seller.

(a) Without limiting in any way the liability of the seller under a preneed contract to perform its obligations thereunder, including, without limitation, the obligation to deliver the cemetery merchandise, and for installation thereof if it is to be included in the preneed contract, the seller shall not be required to place in trust proceeds paid under the contract for cemetery merchandise.

(b) If the trust proceeds have previously been paid the seller may withdraw the principal amount there, at such time as the cemetery merchandise, if comprised of materials designed to withstand prolonged, protected storage without deterioration, is placed in storage with a responsible third party bonded and insured for the wholesale value thereof and evidenced by a receipt specifically identifying the item, the specific preneed contract, the location of the item, and the identity and address of the bonding and insuring parties.

(Act 2002-74, p. 221, §1.)

State Codes and Statutes

Statutes > Alabama > Title27 > Chapter17A > 27-17A-44

Section 27-17A-44

Rights of seller.

(a) Without limiting in any way the liability of the seller under a preneed contract to perform its obligations thereunder, including, without limitation, the obligation to deliver the cemetery merchandise, and for installation thereof if it is to be included in the preneed contract, the seller shall not be required to place in trust proceeds paid under the contract for cemetery merchandise.

(b) If the trust proceeds have previously been paid the seller may withdraw the principal amount there, at such time as the cemetery merchandise, if comprised of materials designed to withstand prolonged, protected storage without deterioration, is placed in storage with a responsible third party bonded and insured for the wholesale value thereof and evidenced by a receipt specifically identifying the item, the specific preneed contract, the location of the item, and the identity and address of the bonding and insuring parties.

(Act 2002-74, p. 221, §1.)

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Statutes > Alabama > Title27 > Chapter17A > 27-17A-44

Section 27-17A-44

Rights of seller.

(a) Without limiting in any way the liability of the seller under a preneed contract to perform its obligations thereunder, including, without limitation, the obligation to deliver the cemetery merchandise, and for installation thereof if it is to be included in the preneed contract, the seller shall not be required to place in trust proceeds paid under the contract for cemetery merchandise.

(b) If the trust proceeds have previously been paid the seller may withdraw the principal amount there, at such time as the cemetery merchandise, if comprised of materials designed to withstand prolonged, protected storage without deterioration, is placed in storage with a responsible third party bonded and insured for the wholesale value thereof and evidenced by a receipt specifically identifying the item, the specific preneed contract, the location of the item, and the identity and address of the bonding and insuring parties.

(Act 2002-74, p. 221, §1.)