12I.9 Property rights to assets in trust.
1. The assets of the trust shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the account owners and designated beneficiaries.
2. Except as provided in section 12I.4, subsection 3, no property rights in the trust shall exist in favor of the state.
3. Except as provided in section 12I.4, subsection 3, the assets of the trust shall not be transferred or used by the state for any purposes other than the purposes of the trust.
2015 Acts, ch 137, §84, 162, 163
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12I - DISABILITIES EXPENSES SAVINGS PLAN TRUST
Section 12I.1 - Purpose and definitions.
Section 12I.2 - Creation of Iowa ABLE savings plan trust.
Section 12I.3 - Participation agreements for trust.
Section 12I.4 - Program and administrative funds — investment and payment.
Section 12I.5 - Cancellation of agreements.
Section 12I.7 - Reports — annual audited financial report — reports under federal law.
Section 12I.8 - Tax considerations.
Section 12I.9 - Property rights to assets in trust.
Section 12I.10 - Implementation as a contracting state — tax considerations.