Current through 2024, ch. 69
Section 6-8A-4 - AccountsA. An account owner may:(1) establish an account with a financial organization or fiduciary;(2) close the account and establish an account with another financial organization or fiduciary, no more than twice in any tax year; and(3) change the owner of an account to a family member of a designated beneficiary; provided that the family member is an eligible person.B. More than one person may contribute to an account.C. A person shall not be the designated beneficiary of more than one account.Added by 2016, c. 40,s. 4, eff. 3/3/2016.