As Amended
SEC. 75-63-9. Disposition of trust fund after delivery of property and/or services.
Except as provided in section 75-63-7, the funds held in trust shall remain intact until detailed certification of seller has been delivered to the trustee of the delivery of the property and/or services provided for in such contract, at which time funds on deposit covering such items plus the net income shall be delivered to the seller. Any trustee accepting the trust fund under the provisions of this chapter may rely upon the detailed certification of seller as herein required to be made, and shall not be liable to anyone for such reliance. If, after payment to the seller for items delivered pursuant to contract, the contract is completed but there remain funds with the trustee or there are still funds allocated to the particular item which has been delivered, in either event, such excess funds shall be delivered to seller. All funds still in the trustee's hands seventy-five (75) years after their receipt shall be then returned to the seller.
SOURCES: Codes, 1942, Sec. 5131-35; Laws, 1966, ch. 374, Sec. 5; 1975, ch. 503, Sec. 4, eff from and after passage (approved April 8, 1975).