Kansas Statutes 75-656. Same; rights and obligations; rules and regulations
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 75-656
- Account owner: means the person who enters into an ABLE savings agreement pursuant to the provisions of this act. See Kansas Statutes 75-652
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Treasurer: means the state treasurer. See Kansas Statutes 75-652
(a) Nothing in this act shall create or be construed to create any obligation of the treasurer, the state or any agency or instrumentality of the state to guarantee for the benefit of any account owner or designated beneficiary with respect to the:
(1) Return of principal;
(2) rate of interest or other return on any account; or
(3) payment of interest or other return on any account.
(b) The treasurer may promulgate rules and regulations to provide that every contract, application or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the state and that the principal deposited and the investment return are not guaranteed by the state.