Terms Used In Tennessee Code > Title 49 > Chapter 7 > Part 8 - The Tennessee Baccalaureate Education System Trust Act

• Account owner: means an individual, association, corporation, trust, charitable organization, or other such entity that establishes an educational investment trust account pursuant to this part or that is otherwise listed as the owner of an education investment trust account. See Tennessee Code 49-7-802
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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 an individual designated under a tuition contract as the individual entitled to apply tuition units purchased under the contract to the payment of that individual's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802
• Bequeath: To gift property by will.
• Board: means the board of trustees of the college savings trust fund program described in this part. See Tennessee Code 49-7-802
• Code: means §. See Tennessee Code 49-7-802
• Contract: A legal written agreement that becomes binding when signed.
• Contributor: means one (1) or more individuals, associations, corporations, trusts, charitable organizations, or other such entities that contributes money or makes a payment to an educational investment trust account established pursuant to this part. See Tennessee Code 49-7-802
• 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.
• Educational investment plan: means a plan that permits an account owner to establish an educational investment trust account and one (1) or more contributors to make contributions to an educational investment trust account that is intended to be applied to an account beneficiary's qualified higher education expenses. See Tennessee Code 49-7-802
• Educational investment trust account: means an account that is established by an account owner intended to be applied to an account beneficiary's qualified higher education expenses. See Tennessee Code 49-7-802
• Educational services plan: means a plan that permits individuals, associations, corporations, trusts or other organized entities to purchase a tuition unit or units under a tuition contract entered into between a purchaser and the board on behalf of a designated beneficiary that entitles the beneficiary to apply such units to the payment of that beneficiary's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802
• Ex officio: Literally, by virtue of one's office.
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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.
• 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: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Purchaser: means an individual, association, corporation, trust, charitable organization or other such entity that enters into a tuition contract under this part for the purchase of a tuition unit or units on behalf of a beneficiary relative to the educational services plan. See Tennessee Code 49-7-802
• Quorum: The number of legislators that must be present to do business.
• Redemption value: means the cash value of the educational investment trust account attributable to the sum of the principal invested, the interest earned or losses incurred in the principal, less any fees imposed by rule of the board. See Tennessee Code 49-7-802
• Refund recipient: means the person designated in a tuition contract by the purchaser as the person entitled to terminate the tuition contract and to receive refunds arising out of the contract pursuant to §. See Tennessee Code 49-7-802
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Subpoena: A command to a witness to appear and give testimony.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust fund: means the educational investment trust fund or the educational services trust fund established pursuant to §. See Tennessee Code 49-7-802
• Trustee: A person or institution holding and administering property in trust.
• Tuition: means the charges imposed to attend an institution of higher education as an undergraduate, graduate or professional student and all fees required as a condition of enrollment as determined by the board. See Tennessee Code 49-7-802
• Tuition contract: means a contract entered into under this part by the board and a purchaser to provide for the payment of tuition and other educational costs, through either the educational savings plan or the educational services plan. See Tennessee Code 49-7-802
• Tuition unit: means a unit of the educational services plan purchased under §. See Tennessee Code 49-7-802
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Weighted average tuition: means the tuition cost resulting from the following calculation:
  (A) Add the products of the annual undergraduate tuition at each Tennessee four-year public university multiplied by that institution's total number of undergraduate full-time equivalent students. See Tennessee Code 49-7-802
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105