A. If a funeral establishment receives a written request from a purchaser of a prearranged funeral agreement funded by trust to terminate the agreement and refund the trust funds, the funeral establishment shall refund the remaining trust funds to the purchaser within five business days after it receives the request. A financial institution shall release the trust funds to the funeral establishment on receipt of a cancellation request signed by the purchaser and submitted by the funeral establishment. If the beneficiary is deceased, a written request to terminate the agreement may be submitted to the funeral establishment by the person designated on the prearranged funeral agreement, or if that person is not available, a request may be submitted by the person legally responsible for the beneficiary.

Terms Used In Arizona Laws 32-1391.07

  • 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
  • Beneficiary: means a person whose future funeral arrangements will be handled by a funeral establishment pursuant to a prearranged funeral agreement. See Arizona Laws 32-1301
  • Financial institution: means a bank, savings and loan association, trust company or credit union that is lawfully doing business in this state and that is not affiliated with a funeral establishment. See Arizona Laws 32-1301
  • Funeral establishment: means a business at a specific location that is licensed pursuant to this chapter and that is devoted to the care, storage or preparation for final disposition or transportation of dead human bodies. See Arizona Laws 32-1301
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Person legally responsible: means the person responsible for burying a dead body as determined in section 36-831. See Arizona Laws 32-1301
  • Prearranged funeral agreement: means any agreement or combination of agreements under which a payment is made before the death of the intended beneficiary for funeral goods and services to be delivered or performed after the death of the beneficiary. See Arizona Laws 32-1301
  • Trust funds: means all monies that are deposited on behalf of a beneficiary of a prearranged funeral agreement funded by trust and all accrued net interest. See Arizona Laws 32-1301

B. If a request to terminate the agreement is received from the purchaser within three business days after the execution of the agreement, the funeral establishment shall, within five business days after receiving the request, refund all monies paid under the agreement including the full amount of any initial service fee paid by the purchaser.

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