Iowa Code 12D.5 – Cancellation of agreements
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Terms Used In Iowa Code 12D.5
- Participant: means an individual, individual's legal representative, trust, estate, or an organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the Internal Revenue Code, that has entered into a participation agreement under this chapter for the advance payment of qualified education expenses on behalf of a beneficiary. See Iowa Code 12D.1
- Participation agreement: means an agreement between a participant and the trust entered into under this chapter. See Iowa Code 12D.1
A participant may cancel a participation agreement at will. Upon cancellation of a participation agreement, a participant shall be entitled to the return of the participant’s account balance.