Guam § 50005 - Program Limitations; College Account.
Full text of Guam Guam Code Annotated § 50005 — Program Limitations; College Account., with citation guidance and answers to common questions.
§ 50005. Program Limitations; College Account.
(a) Nothing in this Chapter shall be construed to:
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(1) Give a designated beneficiary any rights or legal interest with
respect to an account;
(2) Guarantee that a designated beneficiary:
(A) Will be admitted to an institution of higher education; or
(B) Upon admission to an institution of higher education,
will be permitted to continue to attend or will receive a degree
from the institution;
(3) Create residency for an individual merely because the
individual is a designated beneficiary; or
(4) Guarantee that amounts saved pursuant to the program will be
sufficient to pay the qualified higher education expenses of a
designated beneficiary.
(b) Nothing in this Chapter shall create or be construed to create any
obligation of the Commissioner, program manager or any agency or
instrumentality of the Government of Guam to guarantee for the benefit of
an account owner or designated beneficiary:
(1) The rate of interest or other return on any account;
(2) The payment of interest or other return on any account; or
(3) The repayment of the principal of any account.
The Commissioner shall provide by rule that every tuition savings
agreement, contract, application, deposit slip, or other similar document that
may be used in connection with a contribution to an account clearly
indicates that the account is not insured by the Government of Guam and
that neither the principal deposited nor the investment return is guaranteed
by the Government of Guam.
Frequently Asked Questions About Guam § 50005
What does Guam Code Annotated § 50005 cover?
Section 50005 ("Program Limitations; College Account.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 50005?
A common citation format is "Guam Code Annotated § 50005" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 50005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.