Terms Used In Indiana Code > Title 20 > Article 51.4 - Indiana Education Scholarship Account Program

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• commissioner: refers to the commissioner of the department. See Indiana Code 4-13-12.1-1
• Contract: A legal written agreement that becomes binding when signed.
• department: refers to the Indiana department of administration created by IC 4-13-1-2. See Indiana Code 4-13-12.1-2
• exterior improvements: includes access roads, landscaping, lighting, parking facilities, and walkways. See Indiana Code 4-13-12.1-3
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• society: refers to the Indiana historical society established under IC 23-6-3. See Indiana Code 4-13-12.1-4