| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 32 MRSA §1401, sub-§1, ¶¶A, C, D and E, as enacted by PL 1999, c. | 258, §2 and affected by §3, are amended to read: |
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| A. All money paid during a person's lifetime to any | individual, firm, association, partnership or corporation, | by that person or by someone on behalf of that person, under | an agreement that services will be performed or personal | property will be delivered in connection with the | disposition of that person's body after death must be | deposited by the payee within 10 days after receipt of the | money in a separate account in a financial institution or | credit union authorized to do business in this State, as | defined in Title 9-B, section 131, subsections 12-A and 17- | A, in the name of the payee as mortuary trustee for the | person for whose benefit the payment was made and must be | held in that account together with interest if any. If | money is paid by check, share draft or money order, the | payee shall instruct the payor to make the instrument | payable to the financial institution or credit union into | which it is to be deposited. |
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| C. Within 30 days after the deposit of funds by the payee, | the financial institution or credit union shall provide a | written confirmation of the deposit, including the amount | deposited, to the payor or the payor's legal representative. | Nothing in this section may be construed to prevent the | direct transfer of these funds to another financial | institution or credit union by payee transfer, by financial | institution or credit union merger or consolidation or by | operation of law, provided that within 30 days after the | direct transfer of the funds, the recipient financial | institution or credit union shall provide a written | confirmation of the deposit, including the amount deposited, | to the payor or the payor's legal representative. |
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| D. The agreement must be in writing and a copy must be furnished | to the payor or the payor's legal representative by the payee | when the agreement is executed. The agreement may be revocable | or irrevocable; however, if irrevocable, there must be a | provision to allow for the transfer of the account by the | appointment of successor trustees. The agreement must clearly | state the name of the initial financial institution or credit | union into which the money will be deposited and must direct the | payor to send a copy of the agreement to the named financial | institution or credit union. The agreement must clearly state | terms providing for disposition of excess funds after funeral | goods and services have been provided. The agreement must |
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