Montana Code 20-26-1107. Dissolution — disposition of money
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20-26-1107. Dissolution — disposition of money. (1) The student loan program may not be dissolved until all contractual obligations have been satisfied and all loans have been paid by the borrower or, if in default, by the board or have been otherwise accounted for under Title IV of the Higher Education Act of 1965, as amended.
Terms Used In Montana Code 20-26-1107
- Board: means the board of regents of higher education. See Montana Code 20-26-1101
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Student loan program: means the program established by the board pursuant to this part. See Montana Code 20-26-1101
(2)Upon dissolution of the program or the cessation of the program’s activities, all property and money of the board relating to the student loan program not refundable to the federal government as provided by law vest in the state and must be credited to the general fund.