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As a minor the child is not legally competent to enter into a finacial contract. Not even with their parents. The notarization does not enter into the equation. Whether the college fund can be disbursed depends on how the fund was establsied. That is how is the fund's ownership set up.
If the account is in the parents' names as owner they may disburse it as they wish/ If they set it up in their childsname then it belongs to her.
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