Terms Used In Utah Code > Title 53B > Chapter 8a > Part 1 - Utah Educational Savings Plan

• Account agreement: means an agreement between an account owner and the Utah Educational Savings Plan entered into under this chapter. See Utah Code 53B-8a-102
• Account owner: means a person, estate, or trust, if that person, estate, or trust has entered into an account agreement under this chapter to save for the higher education costs on behalf of a beneficiary. See Utah Code 53B-8a-102
• Administrative fund: means the money used to administer the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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 the individual designated in an account agreement to benefit from the amount saved for higher education costs. See Utah Code 53B-8a-102
• Board: means the Utah Education Savings Board of Trustees created in Section 53B-8a-105. See Utah Code 53B-8a-102.5
• 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.
• Donor: The person who makes a gift.
• Endowment fund: means the endowment fund established under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Executive director: means the administrator appointed to administer and manage the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Grantor trust: means a trust, the income of which is for the benefit of the grantor under Section 677, Internal Revenue Code. See Utah Code 53B-8a-102.5
• Higher education costs: means qualified higher education expenses as defined in Section 529(e)(3), Internal Revenue Code. See Utah Code 53B-8a-102.5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner of the grantor trust: means one or more individuals who are treated as an owner of a trust under Section 677, Internal Revenue Code, if that trust is a grantor trust. See Utah Code 53B-8a-102.5
• 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: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Plan: means the Utah Educational Savings Plan created in Section 53B-8a-103. See Utah Code 53B-8a-102
• Program fund: means the program fund created under Section 53B-8a-107, which is held as a separate fund within the Utah Educational Savings Plan. See Utah Code 53B-8a-102.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
• Qualified investment: means an amount invested in accordance with an account agreement established under this part. See Utah Code 53B-8a-102.5
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5