Terms Used In Arizona Laws > Title 15 > Chapter 14 > Article 7 - AZ529 Arizona's Education Savings Plan

• Account: means an individual trust account in the fund that is established as prescribed in this article. See Arizona Laws 15-1871
• Account owner: means the person who enters into a tuition savings agreement pursuant to this article, who is an account owner within the meaning of section 529 of the internal revenue code and who is designated at the time an account is opened as having the right to withdraw monies from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Arizona Laws 15-1871
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• 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}
• Board: means the state board of investment. See Arizona Laws 15-1871
• Contract: A legal written agreement that becomes binding when signed.
• Designated beneficiary: means a person who qualifies as a designated beneficiary under section 529 of the internal revenue code and, except as provided in section 15-1875, subsections P and Q, with respect to an account, who is designated at the time the account is opened as the person whose qualified higher education expenses are expected to be paid from the account or, if this designated beneficiary is replaced in accordance with section 15-1875, subsections D, E and F, the replacement beneficiary. See Arizona Laws 15-1871
• Eligible educational institution: means an institution of higher education that qualifies under section 529 of the internal revenue code as an eligible educational institution. See Arizona Laws 15-1871
• enrollment: means that a pupil is currently registered in the school district. See Arizona Laws 15-901
• Financial institution: means the state treasurer's office or any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state. See Arizona Laws 15-1871
• Fund: means AZ529, Arizona's education savings plan trust fund that constitutes a public instrumentality of this state and that is established by section 15-1873. See Arizona Laws 15-1871
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Member of the family: means any of the following:

  (a) A son or daughter of a person or a descendant of the son or daughter of the person. See Arizona Laws 15-1871

• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonqualified withdrawal: means a withdrawal from an account other than one of the following:

  (a) A qualified withdrawal. See Arizona Laws 15-1871

• 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.
• Parent: means the natural or adoptive parent of a child or a person who has custody of a child. See Arizona Laws 15-101
• Person: means an individual, an individual's legal representative or any other legal entity authorized to establish a savings account under section 529 of the internal revenue code and the corresponding regulations. See Arizona Laws 15-1871
• Plan: means AZ529, Arizona's education savings plan that is established under this article and that constitutes a qualified tuition program as defined in section 529 of the internal revenue code. See Arizona Laws 15-1871
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Qualified withdrawal: means a withdrawal from an account to pay any of the following:

  (a) The qualified higher education expenses of the designated beneficiary of the account, but only if the withdrawal is made in accordance with this article. See Arizona Laws 15-1871

• sister: includes a brother or sister by the half-blood. See Arizona Laws 15-1871
• Subject: means a division or field of organized knowledge, such as English or mathematics, or a selection from an organized body of knowledge for a course or teaching unit, such as the English novel or elementary algebra. See Arizona Laws 15-101
• Treasurer: means the state treasurer. See Arizona Laws 15-1871
• 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.
• Tuition savings agreement: means an agreement between the board, as trustee of the fund, and an account owner that creates an interest in the fund and that provides for participation in the plan. See Arizona Laws 15-1871
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• withdrawals: means students who are formally withdrawn from schools or students who are absent for ten consecutive school days, except for excused absences identified by the department of education. See Arizona Laws 15-901