MD. Business Regulation Code Ann. §  5-709 (2021)
2021 Maryland Statutes|Business Regulation|Title 5 - Cemeteries|Subtitle 7 - Preneed Burial Contracts|Section 5-709 - Disbursement of Money -- on Termination of Contract

    (a)    (1)    A buyer may cancel a preneed burial contract as to preneed goods not delivered or preneed services not performed if the buyer:            (i)    permanently moves more than 75 miles from the cemetery specified in the preneed burial contract; and            (ii)    gives to the seller written notice, under oath, of the move and includes the buyer’s new permanent address.        (2)    In that event:            (i)    the seller shall certify to the trustee:                1.    the cancellation of the preneed burial contract;                2.    the amount of the remaining specific funds applicable to the preneed burial contract; and                3.    the name and address of the buyer; and            (ii)    the trustee shall then pay to the buyer the remaining specific funds, accrued interest on the specific funds, and a prorated proportional share of total realized capital gains attributable to the specific funds.    (b)    (1)    Notwithstanding subsection (a) of this section, by written notice, a buyer may cancel the purchase of a casket or casket vault under a preneed burial contract at any time prior to the time the buyer needs the casket or casket vault for burial.        (2)    In that event:            (i)    the seller shall certify to the trustee:                1.    the cancellation of the purchase of the casket or casket vault under the preneed burial contract;                2.    the amount of the specific funds applicable to the casket or casket vault under the preneed burial contract; and                3.    the name and address of the buyer;            (ii)    the trustee shall pay to the buyer the specific funds, interest accrued on the specific funds, and a prorated proportional share of total realized capital gains attributable to the specific funds; and            (iii)    in addition to the refund paid by the trustee, the seller shall pay to the buyer an amount of money necessary to provide the buyer with a refund of 100% of the money paid for the casket or casket vault under the preneed burial contract.    (c)    If a buyer fails to provide written notice of cancellation and defaults on a preneed burial contract and, as a result, the seller terminates the preneed burial contract:        (1)    the seller shall certify to the trustee:            (i)    the default and termination of the preneed burial contract;            (ii)    the amount of the specific funds; and            (iii)    the reasonable expenses of the seller; and        (2)    the trustee shall then pay:            (i)    to the buyer, those specific funds, accrued interest on the specific funds, and a prorated proportional share of total realized capital gains attributable to the specific funds, less the reasonable expenses of the seller; and            (ii)    to the seller, the reasonable expenses of the seller.    (d)    If specific funds on deposit in a trust account have been dormant for at least 50 years since the date of the last deposit or disbursement and the seller cannot locate the buyer:        (1)    the seller shall certify to the trustee:            (i)    that the trust account is dormant and the buyer cannot be located; and            (ii)    the amount of the specific funds; and        (2)    the trustee shall then pay to the seller those specific funds, accrued interest on the specific funds, and a prorated proportional share of total realized capital gains attributable to the specific funds.