Michigan Laws 206.993 – Construction and interpretation of act and agreement
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 206.993
- account: means an account established under this act. See Michigan Laws 206.982
- Account owner: means an individual who is a resident of this state, or a resident of a contracting state, and who enters into a Michigan ABLE savings program agreement and establishes an ABLE savings account. See Michigan Laws 206.982
- 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
- Designated beneficiary: means an eligible individual designated as the individual whose qualified disability expenses are expected to be paid from the account. See Michigan Laws 206.982
This act and any agreement under this act shall not be construed or interpreted to do any of the following:
(a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner.
(b) Give residency status to an individual merely because the individual is a designated beneficiary.