Home >> Statutes >> Back

Click to open printable format in new window.Printable Format
 | Next

16-303. Same; payments and earnings; credit life insurance; irrevocable agreements. (a) Except as authorized by K.S.A. 16-308, and amendments thereto, all payments made under such agreement, contract or plan, and any earnings or interest thereon, shall remain with such bank, credit union or savings and loan association until the death of the person for whose service the funds were paid or, except as provided in subsection (c), until demand for payment is made by the purchaser of the merchandise or services to the bank, credit union or savings and loan association, and upon such payment to the purchaser, the contract shall terminate.

(b) At the option of a purchaser, any installment contract may provide for additional payments by the purchaser for the cost of group credit life insurance at such rate as is approved from time to time by the insurance commissioner. In the event of the death of the purchaser, the proceeds shall be treated as funds in accordance with K.S.A. 16-304, and amendments thereto.

(c) At the option of the purchaser, such agreement, contract or plan may be made irrevocable as to the retail price of a casket, urn and outside burial container and as to the first $7,000 of funds paid and set aside at the direction of the purchaser. Any interest and earnings accumulated under the agreement, contract or plan may also be irrevocable. This option shall not prohibit the purchaser to designate a different funeral home at any time prior to death, after written notice to the current funeral home, and upon such notification all documents and funds shall be transferred as necessary.

History: L. 1953, ch. 54, § 3; L. 1973, ch. 86, § 3; L. 1976, ch. 97, § 3; L. 1982, ch. 90, § 1; L. 1983, ch. 76, § 3; L. 1989, ch. 48, § 72; L. 1991, ch. 68, § 2; L. 1998, ch. 55, § 1; L. 2004, ch. 41, § 1; L. 2010, ch. 46, § 1; July 1.

 | Next

2021 Amended and Repealed Statutes

Information for Special Session 2020

4/27/2021 Meeting Notice Agenda
4/1/2021 Meeting Notice Agenda
3/10/2021 Meeting Notice Agenda
12/30/2020 Meeting Notice Agenda
11/19/2020 Meeting Notice Agenda
9/16/2020 Meeting Notice Agenda
4/2/2020 Meeting Notice Agenda
3/29/2020 Meeting Notice Agenda
3/27/2020 Meeting Notice Agenda
3/24/2020 Meeting Notice Agenda

LCC Policies

2020 Interim Committee Assignments
Chapter 72 Statute Transfer List
Kansas School Equity & Enhancement Act
Gannon v. State
General Information, Legal Analysis & Research
2020 Amended and Repealed Statutes
2019 Amended & Repealed Statutes
2018 Amended & Repealed Statutes
2017 Amended & Repealed Statutes
2016 Amended & Repealed Statutes
2015 Amended & Repealed Statutes
2014 Amended & Repealed Statutes
2013 Amended & Repealed Statutes

Session Laws

Kansas Legislature
Administrative Services
Division of Post Audit
Research Department