208.765. Forfeiture of account moneys, when--death of account holder, effect of. - Missouri Statutes

Forfeiture of account moneys, when--death of account holder, effectof.

208.765. 1. Account holders who withdraw moneys from a familydevelopment account not in accordance with subsection 1 of section 208.760shall forfeit all matching moneys in the account.

2. All moneys forfeited by an account holder pursuant to subsection 1of this section shall be returned to the family development account reservefund of the community-based organization.

3. In the event of an account holder's death, the account may betransferred to the ownership of a contingent beneficiary. An accountholder shall name contingent beneficiaries at the time the account isestablished and may change such beneficiaries at any time. If the namedbeneficiary is deceased or otherwise cannot accept the transfer, the moneysshall be transferred to the family development account reserve fund of thecommunity-based organization.

(L. 1999 S.B. 387, et al. § 12)