2006 Utah Code - 53B-8a-109 — Repayment and ownership of payments and investment income -- Transfer of ownership rights.

     53B-8a-109.   Repayment and ownership of payments and investment income -- Transfer of ownership rights.
     (1) (a) The account owner retains ownership of all payments made under the account agreement until utilized to pay higher education costs for the beneficiary.
     (b) All income derived from the investment of the payments made by the account owner shall be considered to be held in trust for the benefit of the beneficiary.
     (2) The institution of higher education shall obtain ownership of the payments made for the higher education costs paid to the institution at the time each payment is made to the institution.
     (3) Any amounts that may be paid pursuant to the Utah Educational Savings Plan Trust that are not listed in this section are owned by the trust.
     (4) (a) An account owner may transfer ownership rights to another eligible person.
     (b) The transfer shall be affected and the property distributed in accordance with administrative regulations promulgated by the board or the terms of the account agreement.

Amended by Chapter 109, 2005 General Session