Maryland Code, EDUCATION 18-19B-05
Terms Used In Maryland Code, EDUCATION 18-19B-05
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The Board cannot directly or indirectly or contingently obligate, morally or otherwise, the State to levy or pledge any form of taxation whatsoever for the debts and obligations of the Broker-Dealer Plan or to make any appropriation for the payment of the debts and obligations of the Broker-Dealer Plan.
(b) Neither the State nor any eligible educational institution shall be liable for any losses or shortage of funds in the event that the account holder’s investment account balance is insufficient to meet the tuition requirements of an institution attended by the qualified designated beneficiary.
(c) Money of the Broker-Dealer Plan may not be considered money of the State or deposited in the State Treasury.
(d) Money of the Broker-Dealer Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
(e) Money of the Broker-Dealer Plan may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer College Investment Plan.
(f) Money of the Broker-Dealer Plan may not be considered money of or commingled with the Maryland ABLE Program.