Vermont Statutes Title 26. Professions and Occupations, § 1274. Transfer of contracts and assets

(a) A buyer of prepaid funeral arrangements may transfer a revocable or irrevocable contract and assets to another funeral director under similar arrangements, in Vermont or outside. The funeral director who originated the contract may charge the buyer a transfer fee of no more than five percent of the principal amount of the assets.

(b) A funeral director shall transfer a contract and assets to another funeral director if any of the following events occur:

(c) If a buyer of a prepaid funeral arrangement defaults in making payments required under the terms of the contract, or if the buyer or the person responsible for making funeral arrangements for the deceased beneficiary fails to have the funeral director provide services, the funeral director may retain up to five percent of the amount in the escrow account at the time of default. The escrow agent shall pay the amount retained to the funeral director and the balance to the buyer when the funeral director gives written notice of default.

(d) The assets held in an escrow account, including any earnings on the assets, shall not be available to the funeral director and shall be exempt from levy or execution for the debts of the funeral director, except as otherwise provided in this subchapter.