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65-7106. Same; forfeiture of account matching moneys; when; transfer upon death. (a) Account holders who withdraw moneys from an individual development account not in accordance with the provisions of K.S.A. 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.

History: L. 2001, ch. 176, ยง 6; July 1.

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