Kansas Statutes 65-7106. Same; forfeiture of account matching moneys; when; transfer upon death
Terms Used In Kansas Statutes 65-7106
- Account holder: means a person who is the owner of an individual development account. See Kansas Statutes 65-7102
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Community-based organization: means any nonprofit or charitable association that is approved by the institute to implement the individual development account reserve fund. See Kansas Statutes 65-7102
- Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
- Individual development account: means a financial instrument established in Kan. See Kansas Statutes 65-7102
- Individual development account reserve fund: means the fund created by an approved community-based organization for the purposes of funding the costs incurred in the administration of the program by the financial institutions and the community-based organizations and for providing matching funds for moneys in individual development accounts. See Kansas Statutes 65-7102
(a) Account holders who withdraw moneys from an individual development account not in accordance with the provisions of Kan. Stat. Ann. § 65-7104, and amendments thereto, shall forfeit all matching moneys in the account.
(b) All moneys forfeited by an account holder pursuant to subsection (a) shall be returned to the individual development account reserve fund of the contributing community-based organization.
(c) In the event of an account holder’s death, the account, minus the match funds, may be transferred to the ownership of a contingent beneficiary. An account holder shall name contingent beneficiaries at the time the account is established and may change such beneficiaries at any time. If the named beneficiary is deceased or otherwise cannot accept the transfer, the moneys shall be transferred to the estate of the deceased beneficiary.