Utah Code 53B-8a-113. Property rights to plan assets

(1)	The assets of the plan, including the program fund and the endowment fund, shall at all times be preserved, invested, and expended solely and only for the purposes of the plan and shall be held in trust for the account owners and beneficiaries.

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Endowment fund: means the endowment fund established under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
Program fund: means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
Property: includes both real and personal property. See Utah Code 68-3-12.5
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(2)	No property rights in the plan shall exist in favor of the state.

(3)	The assets may not be transferred or used by the state for any purposes other than the purposes of the plan.

Amended by Chapter 6, 2010 General Session