Utah § 53H-10-208 Repayment and ownership of funds in the account -- Transfer of ownership rights.

Utah Statutes

§ 53H-10-208 — Repayment and ownership of funds in the account -- Transfer of ownership rights.

Utah·Title 53H Higher Education·Ch. 53H-10 Utah Education Savings·Part 53H-10-2 Utah Educational Savings Plan

(1)(1)(a) The account owner retains ownership of funds in the account until:

(1)(a)(i) funds are used to pay higher education costs for the beneficiary;

(1)(a)(ii) funds are otherwise disbursed;

(1)(a)(iii) funds are transferred for administrative costs; or

(1)(a)(iv) the account is closed.

(1)(b) Funds in the account shall be considered to be held in trust for the benefit of the beneficiary.

(2)Any amounts that may be paid pursuant to the plan that are not listed in this section are owned by the plan.

(3)(3)(a) An account owner may transfer ownership rights to another eligible person.

(3)(b) The transfer shall be affected and the property distributed in accordance with administrative regulations promulgated by the board or the terms of the account agreement.

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(1) (1)(a) The account owner retains ownership of funds in the account until:
(1)(a)(i) funds are used to pay higher education costs for the beneficiary;
(1)(a)(ii) funds are otherwise disbursed;
(1)(a)(iii) funds are transferred for administrative costs; or
(1)(a)(iv) the account is closed.
(1)(b) Funds in the account shall be considered to be held in trust for the benefit of the beneficiary.
(2) Any amounts that may be paid pursuant to the plan that are not listed in this section are owned by the plan.
(3) (3)(a) An account owner may transfer ownership rights to another eligible person.
(3)(b) The transfer shall be affected and the property distributed in accordance with administrative regulations promulgated by the board or the terms of the account agreement.

Utah § 53H-10-208 (Repayment and ownership of funds in the account -- Transfer of ownership rights.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.