Maine Revised Statutes Title 20-A Sec. 11480 – Rights of participants and beneficiaries to assets of the authority
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Terms Used In Maine Revised Statutes Title 20-A Sec. 11480
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Finance Authority of Maine, which serves as administrator of the Maine Education Savings Program. See Maine Revised Statutes Title 20-A Sec. 11471
- 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.
- Participant: means any person who has entered into a participation agreement pursuant to this chapter. See Maine Revised Statutes Title 20-A Sec. 11471
Participants and beneficiaries do not have access or rights to any assets of the authority other than program fund assets credited to the account of that participant or beneficiary. An account may not be deemed a debt or obligation of the authority or of the State. [PL 1997, c. 732, §4 (NEW).]
SECTION HISTORY
PL 1997, c. 732, §4 (NEW).