§ 6-84-110 - Prohibitions. - Arkansas Statutes

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Statutes > Arkansas > Title-6 > Subtitle-6 > Chapter-84 > 6-84-110

6-84-110. Prohibitions.

(a) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.

(b) (1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.

(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.

State Codes and Statutes

Statutes > Arkansas > Title-6 > Subtitle-6 > Chapter-84 > 6-84-110

6-84-110. Prohibitions.

(a) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.

(b) (1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.

(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.

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State Codes and Statutes

Statutes > Arkansas > Title-6 > Subtitle-6 > Chapter-84 > 6-84-110

6-84-110. Prohibitions.

(a) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified higher education expenses are prohibited.

(b) (1) No account or any legal or beneficial interest in an account shall be assignable or pledged or otherwise used to secure or obtain a loan or other advancement.

(2) An account or any legal or beneficial interest in an account shall not be subject to attachment, levy, or execution by any creditor of an account owner or designated beneficiary.