Rule 38-2-9.5 - UTMA or UGMA Accounts The MPACT Trust Fund may receive amounts transferred from an UGMA, UTMA or other account established for the benefit of a minor. It is the responsibility of the Purchaser to comply with all relevant federal or state laws regarding UTMA or UGMA accounts Purchasers should be mindful of the following UTMA restrictions:
A. The custodian will be required to sign the MPACT Application in the custodian's representative capacity as a custodian;B. The custodian is not allowed to change the Beneficiary of a Contract (directly or by means of a rollover distribution);C. The custodian is not allowed to change the Purchaser of a Contract from the custodian to anyone other than a successor custodian without providing MPACT with a court order directing the change;D. The custodian must complete an UTMA/UGMA form in addition to the MPACT Application;E. The custodian is required to notify MPACT when the Beneficiary is legally entitled to take control of the account. At that time, the Beneficiary would be able to conduct the same account transactions as non-UTMA Purchasers; andF. The custodian is allowed to request a refund only in accordance with the UGMA/UTMA rules, which may indicate that any funds withdrawn must be used for the benefit of the Beneficiary.Miss. Code Ann. § 37-155-9 (Rev. 2003).