R 390.1812 Terminations by trust due to lapse of contract.

Rule 12. The board, by resolution, may establish a period of time to be specified in a contract after which the educational benefits and the right to a refund will be terminated; however, the person specified in a contract shall continue to have the right to receive the prepaid tuition amount, less any educational benefits or refund previously paid under a contract. If the trust ceases to exist, the amount due under this rule shall escheat to the state.