Idaho Code 54-1135 – Cancellation of Contract — Refund of Trust Deposits
Current as of: 2023 | Check for updates
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A. At any time prior to the death of the beneficiary under a revocable prearrangement sales contract trust, the purchaser may cancel the contract and be entitled to a refund of all payments made, plus accrued interest thereon, less reasonable administrative expenses and taxes incurred in the operation of the trust.
B. Prearrangement sales contracts which are irrevocable pursuant to the terms of such contract shall not be cancellable by the purchaser or by the beneficiary.
Terms Used In Idaho Code 54-1135
- 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.