[654-8.5 College savings program; exemptions.] (a) Moneys in an account created pursuant to chapter 256 are exempt from application to the satisfaction of a money judgment as follows:

(1) One hundred per cent of moneys in an account established in connection with a scholarship program;

(2) One hundred per cent of moneys in an account where the judgment debtor is the account owner and the designated beneficiary of the account is a minor; and

(3) An amount not exceeding $10,000 in an account, or in the aggregate for more than one account, where the judgment debtor is the account owner of the account or accounts.

(b) For the purposes of this section, the terms "account owner" and "designated beneficiary" shall have the meanings ascribed to them in section 256-1. [L 1999, c 81, 3]

 

 

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