Connecticut General Statutes 3-36h – Transfer to trust upon birth of designated beneficiary
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Upon the birth of a designated beneficiary, the Treasurer may transfer up to three thousand two hundred dollars from the bond proceeds issued pursuant to § 3-36i to the trust to be credited toward the accounting of such designated beneficiary as described in § 3-36g. For any year in which the funds made available pursuant to § 3-36i is insufficient to provide such amount per beneficiary the amount so transferred shall be reduced pro rata.
Terms Used In Connecticut General Statutes 3-36h
- 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