Texas Education Code 54.601 – Definitions
Terms Used In Texas Education Code 54.601
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
In this subchapter:
(1) “Beneficiary” means a person who is entitled to receive benefits under a prepaid tuition contract.
(2) “Board” means the Prepaid Higher Education Tuition Board.
(3) “Estimated average private tuition and required fees” means an estimated average of tuition and required fees to be charged by private or independent institutions of higher education as determined annually by the board.
(4) “Fund” means the Texas tomorrow constitutional trust fund.
(5) “Institution of higher education” has the meaning assigned by § 61.003.
(6) “Prepaid tuition contract” means a contract entered into under this subchapter by the board and a purchaser to provide for the payment of higher education tuition and required fees of a beneficiary.
(7) “Private or independent institution of higher education” has the meaning assigned by § 61.003.
(8) “Program” means the prepaid higher education tuition program.
(9) “Career school or college” means a career school or college, as defined by § 132.001, that offers a two-year associate degree as approved by the Texas Higher Education Coordinating Board.
(10) “Public junior college” has the meaning assigned by § 61.003.
(11) “Public senior college or university” has the meaning assigned by § 61.003.
(12) “Purchaser” means a person who is obligated to make payments under a prepaid tuition contract.
(13) “Account” means the Texas college savings plan account.