Section 457-611-7 - OWNERSHIP OF CONTRIBUTIONS AND EARNINGSA. The participant shall retain ownership of all contributions made under any participation agreement and earnings on those contributions up to the date of withdrawal.B. In the event the participation agreement is terminated by the participant prior to payment of qualified higher education expenses, the participant shall retain ownership of all contributions made under the participation agreement and a right to receive earnings (less any applicable taxes and/or penalties, administrative fees and investment losses) on all contributions to the program account.C. An institution of higher education shall own payments made to it for qualified higher education expenses at the time each is made to the institution except to the extent the institution is required to refund such payments in accordance with its refund policies.94-457 C.M.R. ch. 611, § 7