Terms Used In Iowa Code > Chapter 12D - Iowa Educational Savings Plan Trust

• Account balance limit: means the maximum allowable aggregate balance of accounts established for the same beneficiary. See Iowa Code 12D.1
• Administrative fund: means the administrative fund established under section 12D. See Iowa Code 12D.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}
• Beneficiary: means the individual designated by a participation agreement to benefit from advance payments of qualified education expenses on behalf of the beneficiary. See Iowa Code 12D.1
• Benefits: means the payment of qualified education expenses on behalf of a beneficiary by the trust during the beneficiary's attendance at a qualified educational institution. See Iowa Code 12D.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.
• 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
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Institution of higher education: means an institution described in section 481 of the federal Higher Education Act of 1965, 20 U. See Iowa Code 12D.1
• Participant: means an individual, individual's legal representative, trust, estate, or an organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the Internal Revenue Code, that has entered into a participation agreement under this chapter for the advance payment of qualified education expenses on behalf of a beneficiary. See Iowa Code 12D.1
• Participation agreement: means an agreement between a participant and the trust entered into under this chapter. See Iowa Code 12D.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
• Program fund: means the program fund established under section 12D. See Iowa Code 12D.1
• property: includes personal and real property. See Iowa Code 4.1
• Qualified education expenses: includes expenses for the participation in an apprenticeship program registered and certified with the United States secretary of labor under section 1 of the National Apprenticeship Act, 29 U. See Iowa Code 12D.1
• Qualified education loan: means the same as "qualified education loan" as defined in section 221(d) of the Internal Revenue Code. See Iowa Code 12D.1
• Qualified educational institution: means an institution of higher education, or any elementary or secondary public, private, or religious school described in section 529(c)(7) of the Internal Revenue Code. See Iowa Code 12D.1
• Rule: includes "regulation". See Iowa Code 4.1
• Sibling: means a brother, sister, stepbrother, or stepsister of the beneficiary. See Iowa Code 12D.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 12D. See Iowa Code 12D.1
• Trustee: A person or institution holding and administering property in trust.
• Tuition: means the quarter, semester, or annual charges imposed to attend a qualified educational institution and required as a condition of enrollment or attendance. See Iowa Code 12D.1
• United States: includes all the states. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1