Terms Used In Iowa Code > Chapter 12I - Disabilities Expenses Savings Plan Trust

• Account balance limit: means the maximum allowable aggregate balance of an account established for a designated beneficiary. See Iowa Code 12I.1
• Account owner: means an individual who is the designated beneficiary under a participation agreement under this chapter for the payment of qualified disability expenses on behalf of the designated beneficiary. See Iowa Code 12I.1
• 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}
• Contracting state: means the same as defined in section 529A of the Internal Revenue Code. See Iowa Code 12I.1
• 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.
• Designated beneficiary: means an individual who is a resident of this state or a resident of a contracting state and who meets the definition of "eligible individual" in section 529A of the Internal Revenue Code. See Iowa Code 12I.1
• following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Participation agreement: means an agreement establishing an account with the trust. See Iowa Code 12I.1
• 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 individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• property: includes personal and real property. See Iowa Code 4.1
• Qualified disability expenses: means the same as defined in section 529A of the Internal Revenue Code. See Iowa Code 12I.1
• Rule: includes "regulation". See Iowa Code 4.1
• Signature: includes an electronic signature as defined in section 554D. See Iowa Code 4.1
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• State agency: means a board, department, commission or authority of or acting on behalf of the state having the power to enter into contracts with or without the approval of the executive council to acquire property in its own name or in the name of the state. See Iowa Code 7D.34
• trust: means the trust created under section 12I. See Iowa Code 12I.1
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1