Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-303.Same; payments
and earnings; credit life insurance; irrevocable agreements.
(a) Except as authorized by K.S.A. 16-308, and amendments thereto, all payments
made under such agreement, contract or plan, and any earnings or interest
thereon, shall remain with such bank, credit union or savings and loan
association until the death of the person for whose service the funds were paid
or, except as provided in subsection (c), until demand for payment is made by
the purchaser of the merchandise or services to the bank, credit union or
savings and loan association, and upon such payment to the purchaser, the
contract shall terminate.
(b) At the option of a purchaser, any installment contract may
provide for additional payments by the purchaser for the cost of group
credit life insurance at such rate as is approved from time to time by
the insurance commissioner. In the event of the death of the purchaser,
the proceeds shall be treated as funds in accordance with K.S.A. 16-304,
and amendments thereto.
(c) At the option of the purchaser, such agreement, contract or plan may be
made irrevocable as to the retail price of a casket, urn and outside burial
container and as to the first $5,000 of funds paid
and set aside at the direction of the purchaser. Any
interest and
earnings accumulated under the agreement, contract or plan may also be
irrevocable. This option shall
not prohibit the purchaser to designate a different funeral home at any time
prior to death, after written notice to the current funeral home, and upon such
notification all documents and funds shall be transferred as necessary.
History: L. 1953, ch. 54, § 3;
L. 1973, ch. 86, § 3;
L. 1976, ch. 97, § 3;
L. 1982, ch. 90, § 1;
L. 1983, ch. 76, § 3;
L. 1989, ch. 48, § 72; L. 1991, ch. 68, § 2;
L. 1998, ch. 55, § 1;
L. 2004, ch. 41, § 1; July 1.
Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-303.Same; payments
and earnings; credit life insurance; irrevocable agreements.
(a) Except as authorized by K.S.A. 16-308, and amendments thereto, all payments
made under such agreement, contract or plan, and any earnings or interest
thereon, shall remain with such bank, credit union or savings and loan
association until the death of the person for whose service the funds were paid
or, except as provided in subsection (c), until demand for payment is made by
the purchaser of the merchandise or services to the bank, credit union or
savings and loan association, and upon such payment to the purchaser, the
contract shall terminate.
(b) At the option of a purchaser, any installment contract may
provide for additional payments by the purchaser for the cost of group
credit life insurance at such rate as is approved from time to time by
the insurance commissioner. In the event of the death of the purchaser,
the proceeds shall be treated as funds in accordance with K.S.A. 16-304,
and amendments thereto.
(c) At the option of the purchaser, such agreement, contract or plan may be
made irrevocable as to the retail price of a casket, urn and outside burial
container and as to the first $5,000 of funds paid
and set aside at the direction of the purchaser. Any
interest and
earnings accumulated under the agreement, contract or plan may also be
irrevocable. This option shall
not prohibit the purchaser to designate a different funeral home at any time
prior to death, after written notice to the current funeral home, and upon such
notification all documents and funds shall be transferred as necessary.
History: L. 1953, ch. 54, § 3;
L. 1973, ch. 86, § 3;
L. 1976, ch. 97, § 3;
L. 1982, ch. 90, § 1;
L. 1983, ch. 76, § 3;
L. 1989, ch. 48, § 72; L. 1991, ch. 68, § 2;
L. 1998, ch. 55, § 1;
L. 2004, ch. 41, § 1; July 1.
Article 3.--FUNERAL AND CEMETERY MERCHANDISE AGREEMENTS, CONTRACTS AND PLANS
16-303.Same; payments
and earnings; credit life insurance; irrevocable agreements.
(a) Except as authorized by K.S.A. 16-308, and amendments thereto, all payments
made under such agreement, contract or plan, and any earnings or interest
thereon, shall remain with such bank, credit union or savings and loan
association until the death of the person for whose service the funds were paid
or, except as provided in subsection (c), until demand for payment is made by
the purchaser of the merchandise or services to the bank, credit union or
savings and loan association, and upon such payment to the purchaser, the
contract shall terminate.
(b) At the option of a purchaser, any installment contract may
provide for additional payments by the purchaser for the cost of group
credit life insurance at such rate as is approved from time to time by
the insurance commissioner. In the event of the death of the purchaser,
the proceeds shall be treated as funds in accordance with K.S.A. 16-304,
and amendments thereto.
(c) At the option of the purchaser, such agreement, contract or plan may be
made irrevocable as to the retail price of a casket, urn and outside burial
container and as to the first $5,000 of funds paid
and set aside at the direction of the purchaser. Any
interest and
earnings accumulated under the agreement, contract or plan may also be
irrevocable. This option shall
not prohibit the purchaser to designate a different funeral home at any time
prior to death, after written notice to the current funeral home, and upon such
notification all documents and funds shall be transferred as necessary.
History: L. 1953, ch. 54, § 3;
L. 1973, ch. 86, § 3;
L. 1976, ch. 97, § 3;
L. 1982, ch. 90, § 1;
L. 1983, ch. 76, § 3;
L. 1989, ch. 48, § 72; L. 1991, ch. 68, § 2;
L. 1998, ch. 55, § 1;
L. 2004, ch. 41, § 1; July 1.
