Common use of Permissible Investments Clause in Contracts

Permissible Investments. The payment made into the mortuary trust pursuant to paragraph 3 must be deposited in: □ a federally insured deposit or share account □ a trust account. (check one) A deposit in a trust account may be invested in or used to purchase only the following:  Federally insured deposit or share accounts;  Securities issued, insured or guaranteed by the United States or by any agency or corporate or other instrumentality of the United States;  Municipal securities that are exempt from registration under 32 MRSA §10502(1)(A); and  Permanent life insurance, other than variable life insurance and annuities, from an insurer authorized to transact insurance in this State, subject to the provisions of 24-A MRSA, chapter 27. A funeral home, its employees and agents may not receive any commission, fee or other consideration from an insurer in connection with the procurement or purchase of insurance permitted by this subparagraph. If the funeral home subsequently transfers or deposits all or any part of the mortuary trust into the investment category not initially selected by the payor (i.e., federally insured account or trust account), the funeral home shall notify the payor within ten (10) days after making the deposit or transfer. No additional consent of the payor is necessary to authorize the change.

Permissible Investments. The payment made into the mortuary trust pursuant to paragraph 3 must be deposited in: □ a federally insured deposit or share account □ a trust account. (check one) A deposit in a trust account may be invested in or used to purchase only the following:  Federally insured deposit or share accounts;  Securities issued, insured or guaranteed by the United States or by any agency or corporate or other instrumentality of the United States;  Municipal securities that are exempt from registration under 32 MRSA §10502(1)(A); and  Permanent life insurance, other than variable life insurance and annuities, from an insurer authorized to transact insurance in this State, subject to the provisions of 24-A MRSA, chapter 27. A funeral home, its employees and agents may not receive any commission, fee or other consideration from an insurer in connection with the procurement or purchase of insurance permitted by this subparagraph. If the funeral home subsequently transfers or deposits all or any part of the mortuary trust into the investment category not initially selected by the payor (i.e., federally insured account or trust account), the funeral home shall notify the payor within ten (10) days after making the deposit or transfer. No additional consent of the payor is necessary to authorize the change.