A. Money credited to or expended from any account in the education trust fund by or on behalf of an account owner or beneficiary is exempt from all claims of creditors of the account owner, the beneficiary or the board.
B. If the board carries out its review responsibility of the manager's investment decisions consistent with the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978], the board or an employee shall not be liable to anyone for any losses sustained as a result of investment decisions. A member of the board, while acting within the scope of the member's authority or while acting as a trustee of the education trust fund or any separate trust fund or account of the board, shall not be subject to any personal liability for any action taken or omitted within that scope of authority.
C. In no event shall any liability of or contractual obligation incurred by the college savings program obligate or encumber any of the state's funds or treasury, including but not limited to the state's general fund, land grant permanent funds, the severance tax permanent fund or any other permanent fund or any money that is a part of a state-funded financial aid program. Nothing in the Education Trust Act creates any obligation, legal, moral or otherwise, to fulfill the terms of any college investment agreement or any other obligation or liability out of any source other than the education trust fund or the program administration fund.
History: Laws 1997, ch. 259, § 6; 1999, ch. 221, § 4; repealed and reenacted by Laws 2014, ch. 76, § 7.
ANNOTATIONSRepeals and reenactments. — Laws 2014, ch. 76, § 7 repealed former 21-21K-6 NMSA 1978, and enacted a new section, effective May 21, 2014.