Terms Used In Maine Revised Statutes > Title 20-A > Part 5 > Chapter 417-E - Maine Education Savings Program

• Advisory committee: means the Advisory Committee on Education Savings established in this chapter. See Maine Revised Statutes Title 20-A Sec. 11471
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Finance Authority of Maine, which serves as administrator of the Maine Education Savings Program. See Maine Revised Statutes Title 20-A Sec. 11471
• 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 any person designated by a participation agreement to benefit from payments for higher education expenses. See Maine Revised Statutes Title 20-A Sec. 11471
• Board: means the board of directors of the Finance Authority of Maine. See Maine Revised Statutes Title 20-A Sec. 11471
• Board of directors: means the governing body with statutory powers and duties for a school administrative district. See Maine Revised Statutes Title 20-A Sec. 1
• Contributions: means amounts deposited by a participant to an account within the program fund. See Maine Revised Statutes Title 20-A Sec. 11471
• 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.
• 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
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Higher education expenses: means the certified expenses for attendance at an institution of higher education as those expenses are defined by rule of the authority consistent with applicable provisions of the federal Internal Revenue Code of 1986 and its regulations addressing qualified tuition programs. See Maine Revised Statutes Title 20-A Sec. 11471
• Institution of higher education: means an institution of higher education that meets the requirements established by rule of the authority consistent with applicable provisions of the federal Internal Revenue Code of 1986 and its regulations addressing qualified tuition programs. See Maine Revised Statutes Title 20-A Sec. 11471
• Membership: means active participation in the program of a school from the date of enrollment to the time the student withdraws or is absent from the school for 10 consecutive days for reasons other than illness. See Maine Revised Statutes Title 20-A Sec. 15001
• 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.
• Participant: means any person who has entered into a participation agreement pursuant to this chapter. See Maine Revised Statutes Title 20-A Sec. 11471
• Participation agreement: means an agreement between a participant and the authority providing for the establishment by the participant of one or more accounts within the program fund and for the administration of those accounts for the benefit of the participant and of one or more beneficiaries. See Maine Revised Statutes Title 20-A Sec. 11471
• 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.
• Program earnings: means all interest, dividends, premiums, fees, profits upon disposition of assets and other revenue actually received by or on behalf of the program with respect to any assets held within the program fund to which that asset may be credited, less all administrative costs of the program and the program fund, as periodically determined by the authority. See Maine Revised Statutes Title 20-A Sec. 11471
• Secondary school: means that portion of a school that provides instruction in any combination of grades 9 through 12. See Maine Revised Statutes Title 20-A Sec. 1
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72