Delaware Code Title 16 Sec. 9606A – Prohibitions
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(a) A designated beneficiary may have only 1 account.
Terms Used In Delaware Code Title 16 Sec. 9606A
- Account: means an individual account, a trust account, or a savings account established in accordance with the provisions of this chapter. See Delaware Code Title 16 Sec. 9602A
- 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
- Designated beneficiary: means the individual for whom the account was established or who has succeeded the former designated beneficiary in that capacity. See Delaware Code Title 16 Sec. 9602A
- Program: means the Delaware Achieving a Better Life Experience Program established by this chapter. See Delaware Code Title 16 Sec. 9602A
(b) No account nor any interest in an account may be used as security for a loan.
(c) Total contributions on behalf of a designated beneficiary may not exceed the limit established under subchapter XII, Chapter 34 of Title 14.
(d) Except as permitted by the federal ABLE Act, no person shall have the right to direct the investment of any contributions to or earnings from the Program.