65-7106. Same; forfeiture of account matching moneys; when; transfer upon death.
65-7106
65-7106. Same; forfeiture of account matchingmoneys; when; transfer upon death.(a) Account holders who withdraw moneys from an individualdevelopmentaccount not in accordance with the provisions of K.S.A. 65-7104, andamendments thereto, shall forfeit all matching moneys in theaccount.
(b) All moneys forfeited by an account holder pursuant to subsection (a)shall be returned to the individual development account reserve fund of thecontributingcommunity-based organization.
(c) In the event of an account holder's death, the account, minus the matchfunds, may be transferredto the ownership of a contingent beneficiary. An account holder shall namecontingent beneficiaries at the time the account is established and may changesuch beneficiaries at any time. If the named beneficiary is deceased orotherwise cannot accept the transfer, the moneys shall be transferred to theestate of the deceased beneficiary.
History: L. 2001, ch. 176, § 6; July 1.