390.1483 Construction or interpretation of act and agreement.
139 words·~1 min read·
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390.1483 Construction or interpretation of act and agreement.
Sec. 13.
This act and any agreement under this act shall not be construed or interpreted to do any of the following:
(a)Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner.
(b)Guarantee that a designated beneficiary will be admitted to an eligible educational institution or, upon admission to an eligible educational institution, will be permitted to continue to attend or will receive a degree from the eligible educational institution.
(c)Give residency status to an individual merely because the individual is a designated beneficiary.
(d)Guarantee that amounts contributed to an account will be sufficient to cover the qualified higher education expenses of a designated beneficiary.
History: 2000, Act 161 , Imd. Eff. June 16, 2000