Terms Used In Montana Code 15-62-202

• Account: means an individual account established under this chapter. See Montana Code 15-62-103
• Account owner: means the person who enters into a participation agreement and establishes an account on behalf of a designated beneficiary. See Montana Code 15-62-103
• 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}
• Board: means the board of regents of higher education established by Article X, section 9, subsection (2), of the Montana constitution and 2-15-1505. See Montana Code 15-62-103
• Designated beneficiary: means , with respect to an account, the person designated at the time that the account is opened as the person whose education expenses are expected to be paid from the account or if this person is replaced in accordance with 15-62-202, the individual replacing the former designated beneficiary. See Montana Code 15-62-103
• Member of the family: means , with respect to a designated beneficiary, a member of the family of the designated beneficiary as defined in section 529 of the Internal Revenue Code, 26 U. See Montana Code 15-62-103