Maryland Code, EDUCATION 18-19C-05
Terms Used In Maryland Code, EDUCATION 18-19C-05
- 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
- 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
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The Board may not directly or indirectly or contingently obligate, morally or otherwise, the State to levy or pledge any form of taxation whatsoever for the debts and obligations of the Maryland ABLE Program or to make any appropriation for the payment of the debts and obligations of the Maryland ABLE Program.
(b) The State may not be liable for any losses or shortage of funds in the event that the designated beneficiary‘s ABLE account balance is insufficient to meet the designated beneficiary’s qualified disability expenses.
(c) Money of the Maryland ABLE Program may not be considered money of the State or deposited in the State Treasury.
(d) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer Prepaid College Trust.
(e) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Senator Edward J. Kasemeyer College Investment Plan.
(f) Money of the Maryland ABLE Program may not be considered money of or commingled with the Maryland Broker-Dealer College Investment Plan.