CHAPTER 149
FORMERLY
HOUSE BILL NO. 184
AN ACT TO AMEND TITLE 10 AND TITLE 14 OF THE DELAWARE CODE RELATING TO THE DELAWARE COLLEGE INVESTMENT PLAN.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE :
Section 1. Amend §3485(1), Title 14 of the Delaware Code by inserting “account, a” between “individual” and “trust” and by inserting “a” between “or” and “savings”.
Section 2. Amend §3485(2), Title 14 of the Delaware Code by striking the phrase “individual or individuals other than the designated beneficiary” and by substituting in lieu thereof “individual, individuals, or the trustee of a trust”.
Section 3. Amend §3485, Title 14 of the Delaware Code by inserting immediately after §3485(10) the following:
“(11) ‘Trust’ means a trust which is revocable or irrevocable and which has at least one individual as its current beneficiary.”.
Section 4. Amend §3487(b), Title 14 of the Delaware Code by adding a second sentence to subsection (b) to read: “If the account owner is a trust, the trustee must consent to the contribution.”.
Section 5. Amend §3487, Title 14 of the Delaware Code by inserting immediately after subsection (f) the following new subsection:
“(g) In the case of an account owner which is a trust, the Board shall require such information from the account owner as is necessary to establish compliance with the Plan.”.
Section 6. Amend §3490(a), Title 14 of the Delaware Code by striking “beneficiary.” at the end of subsection (a) and by substituting in lieu thereof the following: “beneficiary, and, in the case of an account owner which is a trust, to another person who is also a beneficiary of the trust.”.
Section 7. Amend §3490(b), Title 14 of the Delaware Code by striking “family.” at the end of subsection (b) and by substituting in lieu thereof the following:
“family, and, in the case of an account owner which is a trust, to the account of another beneficiary if the designated beneficiary is also a beneficiary of the trust.”.
Section 8. Amend §4916, Title 10 of the Delaware Code by inserting immediately after subsection (c) the following new subsection:
“(d) In the case of a Plan Account owned by a trust, nothing in this section may be construed to limit the protections afforded to trusts by 12 Del. C. §3536.”.