17 Guam Code Ann. § 50005
Terms Used In 17 Guam Code Ann. § 50005
- 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.
COL021307
17 Guam Code Ann. EDUCATION
CH. 50 GUAM COLLEGE SAVINGS PROGRAM
(1) Give a designated beneficiary any rights or legal interest with respect to an account;
(2) Guarantee that a designated beneficiary:
(A) Will be admitted to an institution of higher education; or
(B) Upon admission to an institution of higher education, will be permitted to continue to attend or will receive a degree from the institution;
(3) Create residency for an individual merely because the individual is a designated beneficiary; or
(4) Guarantee that amounts saved pursuant to the program will be sufficient to pay the qualified higher education expenses of a designated beneficiary.
(b) Nothing in this Chapter shall create or be construed to create any obligation of the Commissioner, program manager or any agency or instrumentality of the Government of Guam to guarantee for the benefit of an account owner or designated beneficiary:
(1) The rate of interest or other return on any account;
(2) The payment of interest or other return on any account; or
(3) The repayment of the principal of any account.
The Commissioner shall provide by rule that every tuition savings agreement, contract, application, deposit slip, or other similar document that may be used in connection with a contribution to an account clearly indicates that the account is not insured by the Government of Guam and that neither the principal deposited nor the investment return is guaranteed by the Government of Guam.