Texas Finance Code 154.262 – Withdrawal of Money On Death of Beneficiary
(a) The seller of a trust-funded prepaid funeral benefits contract may withdraw an amount equal to the original contract amount paid by the purchaser and the earnings attributable to the contract, less the amount retained under § 154.252, after:
(1) the beneficiary named in the contract dies;
(2) the funeral service is completed;
(3) the funeral provider has completed the provider’s obligations under § 154.161(a) with respect to the contract; and
(4) the depository is presented with:
(A) appropriate affidavits by an officer or agent of the seller on forms prescribed by the department, attesting to matters required by Subdivisions (2) and (3); and
(B) a certified copy of the death certificate.
(b) The seller shall maintain copies of the affidavits and death certificate for examination by the department.
Terms Used In Texas Finance Code 154.262
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
