Terms Used In West Virginia Code > Chapter 18 > Article 30A - West Virginia Jumpstart Savings Act

• Account owner: means the person who opens and invests money into a Jumpstart Savings Account, as provided in this article. See West Virginia Code 18-30A-3
• Amortization: Paying off a loan by regular installments.
• 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.
• 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 person designated as a beneficiary at the time an account is established, or the individual designated as the beneficiary when the beneficiary is changed. See West Virginia Code 18-30A-3
• board: means the Board of Trustees of the West Virginia College and Jumpstart Savings Programs created in §. See West Virginia Code 18-30A-3
• Contract: A legal written agreement that becomes binding when signed.
• Contribution: means any amount of money deposited into a Jumpstart Savings Account according to the procedures established and required by the board or the Treasurer. See West Virginia Code 18-30A-3
• 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.
• Deduction: as used in this article has the same meaning as when used in a comparable context in the laws of the United States relating to income taxes, unless a different meaning is clearly required. See West Virginia Code 18-30A-3
• Distribution: means any disbursement from an account. See West Virginia Code 18-30A-3
• Donor: The person who makes a gift.
• 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}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Labor organization: means any organization, agency, association, union, or employee representation committee of any kind that exists, in whole or in part, to assist employees in negotiating with employers concerning grievances, labor disputes, wages, rates of pay, or other terms or conditions of employment. See West Virginia Code 18-30A-3
• 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.
• program: refers to the Jumpstart Savings Program established by this article. See West Virginia Code 18-30A-3
• Qualifying profession: means an occupation, profession, or trade for which the designated beneficiary is required to:

  (A) Complete an apprenticeship program registered and certified with the United States Department of Labor, as provided in 29 U. See West Virginia Code 18-30A-3

• School: means the students and teachers assembled in one or more buildings, organized as a unit. See West Virginia Code 18-1-1
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Treasurer: refers to the West Virginia State Treasurer or his or her designee. See West Virginia Code 18-30A-3