Terms Used In Kansas Statutes > Chapter 75 > Article 6 - State Treasurer

• ABLE savings account: means an individual savings account established in accordance with the provisions of this act. See Kansas Statutes 75-652
• Account owner: means the person who enters into an ABLE savings agreement pursuant to the provisions of this act. See Kansas Statutes 75-652
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Conservator: means a person appointed by the court pursuant to Kan. See Kansas Statutes 75-652
• Contract: A legal written agreement that becomes binding when signed.
• 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 a Kansas resident or a person authorized by the treasurer pursuant to Kan. See Kansas Statutes 75-652
• Eligible individual: means the same as defined in section 529A of the federal internal revenue code of 1986, as amended. See Kansas Statutes 75-652
• Fiduciary: A trustee, executor, or administrator.
• Financial organization: means an organization authorized to do business in the state of Kansas and is:

  (1) Licensed or chartered by the commissioner of insurance;

  (2) licensed or chartered by the state bank commissioner;

  (3) chartered by an agency of the federal government; or

  (4) subject to the jurisdiction and regulation of the securities and exchange commission of the federal government. See Kansas Statutes 75-652

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Management contract: means the contract executed by the treasurer and a financial organization selected to act as a depository and manager of the program. See Kansas Statutes 75-652
• Member of the family: means the same as defined in section 529A of the federal internal revenue code of 1986, as amended. See Kansas Statutes 75-652
• Nonqualified withdrawal: means a withdrawal from an account which is not:

  (1) A qualified withdrawal; or

  (2) a rollover distribution. See Kansas Statutes 75-652

• Oath: A promise to tell the truth.
• Oath: includes an affirmation in all cases where an affirmation may be substituted for an oath, and in similar cases "swear" includes affirm. See Kansas Statutes 77-201
• 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.
• Program: means the Kansas ABLE savings program established pursuant to this act. See Kansas Statutes 75-652
• Program manager: means a financial organization selected by the treasurer to act as a depository and manager of the program. See Kansas Statutes 75-652
• Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See Kansas Statutes 75-652
• Rollover distribution: means a rollover distribution as defined in section 529A of the federal internal revenue code of 1986, as amended. See Kansas Statutes 75-652
• Savings agreement: means an agreement between the program manager or the treasurer and the account owner. See Kansas Statutes 75-652
• seal: includes an impression of the seal upon the paper alone, as well as upon wax or a wafer affixed to the paper. See Kansas Statutes 77-201
• Secretary: means the secretary of the United States treasury. See Kansas Statutes 75-652
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Treasurer: means the state treasurer. See Kansas Statutes 75-652
• Trustee: A person or institution holding and administering property in trust.