Kansas Statutes 75-647. Same; rights and obligations construed
(a) Nothing in Kan. Stat. Ann. §§ 75-640 to 75-648, and amendments thereto, shall be construed to:
(1) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner;
Terms Used In Kansas Statutes 75-647
- 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.
- Designated beneficiary: means a Kansas resident or a person authorized by the treasurer pursuant to Kan. See Kansas Statutes 75-652
- 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.
- Program: means the Kansas ABLE savings program established pursuant to this act. See Kansas Statutes 75-652
- 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
(2) guarantee that a designated beneficiary will be admitted to an institution of postsecondary education;
(3) create state 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 cover the qualified higher education expenses of a designated beneficiary.
(b) (1) Nothing in Kan. Stat. Ann. §§ 75-640 to 75-648, and amendments thereto, shall create or be construed to create any obligation of the state 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:
(A) The rate of interest or other return on any account; and
(B) the payment of interest or other return on any account.
(2) The state treasurer by rules and regulations shall provide that every contract, application, deposit slip or other similar document that may be used in connection with a contribution to an account clearly indicate that the account is not insured by the state and neither the principal deposited nor the investment return is guaranteed by the state.