Terms Used In Michigan Laws 206.987

• ABLE: means achieving a better life experience. See Michigan Laws 206.982
• account: means an account established under this act. See Michigan Laws 206.982
• Account owner: means an individual who is a resident of this state, or a resident of a contracting state, and who enters into a Michigan ABLE savings program agreement and establishes an ABLE savings account. See Michigan Laws 206.982
• 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}
• Contracting state: means a state without a qualified ABLE program that has entered into a contract with this state to provide its residents access to the Michigan ABLE program. See Michigan Laws 206.982
• Designated beneficiary: means an eligible individual designated as the individual whose qualified disability expenses are expected to be paid from the account. See Michigan Laws 206.982
• Designated representative: means an individual who is authorized to act on behalf of the designated beneficiary if the designated beneficiary is a minor or has a guardian, conservator, or other fiduciary who has been appointed for purposes of managing that designated beneficiary's financial affairs. See Michigan Laws 206.982
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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
• Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2015 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 206.982
• Michigan ABLE savings program agreement: means the agreement between the program and an account owner that establishes an ABLE savings account. See Michigan Laws 206.982
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• plan: means a plan that provides different investment strategies and allows account distributions for qualified disability expenses. See Michigan Laws 206.982
• Program: means the Michigan ABLE savings program established pursuant to this act. See Michigan Laws 206.982
• Program manager: means 1 or more entities selected by the treasurer to act as a manager of the program. See Michigan Laws 206.982
• Qualified disability expenses: means that term as defined in section 529A of the internal revenue code. See Michigan Laws 206.982
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Treasurer: means the state treasurer. See Michigan Laws 206.982