Terms Used In Utah Code > Title 53B > Chapter 8a > Part 1 - Utah Educational Savings Plan

• Account agreement: means an agreement between an account owner and the Utah Educational Savings Plan entered into under this chapter. See Utah Code 53B-8a-102
• Account owner: means a person, estate, or trust, if that person, estate, or trust has entered into an account agreement under this chapter to save for the higher education costs on behalf of a beneficiary. See Utah Code 53B-8a-102
• Administrative fund: means the money used to administer the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Beneficiary: means the individual designated in an account agreement to benefit from the amount saved for higher education costs. See Utah Code 53B-8a-102
• Board: means the board of directors of the Utah Educational Savings Plan, which is the Utah Board of Higher Education acting in the Utah Board of Higher Education's capacity as the Utah Higher Education Assistance Authority under Title 53B, Chapter 12, Higher Education Assistance Authority. See Utah Code 53B-8a-102.5
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Donor: The person who makes a gift.
• Endowment fund: means the endowment fund established under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Executive director: means the administrator appointed to administer and manage the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Grantor trust: means a trust, the income of which is for the benefit of the grantor under Section 677, Internal Revenue Code. See Utah Code 53B-8a-102.5
• Higher education costs: means qualified higher education expenses as defined in Section 529(e)(3), Internal Revenue Code. See Utah Code 53B-8a-102.5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner of the grantor trust: means one or more individuals who are treated as an owner of a trust under Section 677, Internal Revenue Code, if that trust is a grantor trust. See Utah Code 53B-8a-102.5
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means :Utah Code 68-3-12.5
• Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
• Program fund: means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Qualified investment: means an amount invested in accordance with an account agreement established under this part. See Utah Code 53B-8a-102.5
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5