Michigan § 328.224 Liability for principal and income; investment of funds; changing escrow agent or depository.

Michigan Statutes

§ 328.224 — Liability for principal and income; investment of funds; changing escrow agent or depository.

Michigan § 328.224

Ch. 328DEAD HUMAN BODIES

Act 255 of 1986PREPAID FUNERAL AND CEMETERY SALES ACT (328.211-328.235)

This text of Michigan § 328.224 (Liability for principal and income; investment of funds; changing escrow agent or depository.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 328.224 (2026).

Text

PREPAID FUNERAL AND CEMETERY SALES ACT (EXCERPT) Act 255 of 1986 328.224 Liability for principal and income; investment of funds; changing escrow agent or depository. Sec. 14.

(1)Payments of principal and income by a depository or an escrow agent made in good faith pursuant to the terms of this act shall relieve that depository or escrow agent of any further liability for that principal and income.

(2)An escrow agent shall invest funds held or managed under this act only as expressly authorized by this act and shall not invest funds by purchasing life insurance or annuities the proceeds of which are not payable in full until the happening of some event including, but not limited to, death of the contract beneficiary.

(3)A provider or an escrow agent may, without approval of any other pa

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PREPAID FUNERAL AND CEMETERY SALES ACT (EXCERPT) Act 255 of 1986 328.224 Liability for principal and income; investment of funds; changing escrow agent or depository. Sec. 14. (1) Payments of principal and income by a depository or an escrow agent made in good faith pursuant to the terms of this act shall relieve that depository or escrow agent of any further liability for that principal and income. (2) An escrow agent shall invest funds held or managed under this act only as expressly authorized by this act and shall not invest funds by purchasing life insurance or annuities the proceeds of which are not payable in full until the happening of some event including, but not limited to, death of the contract beneficiary. (3) A provider or an escrow agent may, without approval of any other party, change the depository of any escrow account, with or without cause, at any time. A contract buyer shall be notified if the escrow agent or depository is changed.

Legislative History

1986, Act 255, Eff. July 1, 1987 Compiler's Notes: For transfer of powers and duties of certain occupational functions, boards, and commissions from the Department of Licensing and Regulation to the Department of Commerce, see E.R.O. No. 1991-9, compiled at MCL 338.3501 of the Michigan Compiled Laws.