CHAPTER 2. DEFINITIONS
IC 21-9-2
Chapter 2. Definitions
IC 21-9-2-1
Applicability of definitions
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-2
"Account" or "individual account"
Sec. 2. "Account" or "individual account" means a trust account
or any other account of an education savings program.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.3.
IC 21-9-2-3
"Account beneficiary"
Sec. 3. "Account beneficiary" means the individual who is:
(1) designated as the beneficiary of an account at the time the
account is established under this article; and
(2) designated as the new beneficiary when beneficiaries are
changed.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.1.
IC 21-9-2-4
"Account owner"
Sec. 4. "Account owner" means the individual, an emancipated
minor, a trust, an estate, a partnership, an association, a company, a
corporation, or a qualified custodian under the Uniform Transfers to
Minors act (IC 30-2-8.5) that is designated as having the right to do
the following:
(1) Select or change the designated beneficiary of an account.
(2) Designate a person other than the designated beneficiary as
a person to whom funds may be paid from the account.
(3) Receive distributions from the account if no other person is
designated.
As added by P.L.165-1996, SEC.1. Amended by P.L.25-1999, SEC.2;
P.L.135-2002, SEC.4.
IC 21-9-2-5
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-6
"Administrative account"
Sec. 6. "Administrative account" means the administrative
account of the trust fund established under IC 21-9-5 that may be
funded periodically from appropriations by the general assembly.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-7
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-8
"Authority"
Sec. 8. "Authority" means the Indiana education savings authority
created under IC 21-9-3.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-9
"Board"
Sec. 9. "Board" means the board of directors of the authority
established under IC 21-9-4.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-9.5
"Contribution"
Sec. 9.5. "Contribution" means a payment directly allocated to an
account for the benefit of an account beneficiary or used to pay fees
associated with the account.
As added by P.L.25-1999, SEC.3. Amended by P.L.135-2002, SEC.5.
IC 21-9-2-10
"Contributor"
Sec. 10. "Contributor" means any individual, emancipated minor,
trust, estate, partnership, association, company, corporation, or
qualified custodian under the Uniform Transfers to Minors act (IC
30-2-8.5) that makes a deposit for the benefit of an account
beneficiary.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.6.
IC 21-9-2-10.5
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-11
"Education savings program"
Sec. 11. "Education savings program" means:
(1) a trust program; or
(2) any other program established under IC 21-9-3 that qualifies
as a qualified state tuition program under Section 529 of the
Internal Revenue Code.
As added by P.L.165-1996, SEC.1. Amended by P.L.85-2000, SEC.2;
P.L.135-2002, SEC.7.
IC 21-9-2-12
"Endowment fund"
Sec. 12. "Endowment fund" means the endowment fund
established under IC 21-9-5 for the benefit of the education savings
programs that:
(1) may be funded periodically from gifts, bequests, devises, or
other donations, or from any source not otherwise provided for;
and
(2) may not include any appropriations by the general assembly.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-13
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-14
"Financial institution"
Sec. 14. "Financial institution" means a bank, a commercial bank,
a national bank, a savings bank, a savings and loan, a thrift, a credit
union, an insurance company, a trust company, an investment
company, a mutual fund, or similar entity that meets the qualifying
requirements established by the authority.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.8.
IC 21-9-2-15
"General operating fund"
Sec. 15. "General operating fund" means the general operating
fund established under IC 21-9-5 from which general operating,
administrative, and capital expenses (other than those payable from
the administrative account) may be paid.
As added by P.L.165-1996, SEC.1.
IC 21-9-2-16
Repealed
(Repealed by P.L.2-2007, SEC.390.)
IC 21-9-2-16.5
"Internal Revenue Code"
Sec. 16.5. "Internal Revenue Code" means the Internal Revenue
Code of 1986 of the United States as amended from time to time.
As added by P.L.135-2002, SEC.10.
IC 21-9-2-17
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-17.5
"Member of the family"
Sec. 17.5. (a) "Member of the family" means an individual who
is one (1) of the following relatives of a designated beneficiary:
(1) A lineal descendant of the designated beneficiary.
(2) A lineal ancestor of the designated beneficiary.
(3) A brother, sister, stepbrother, or stepsister of the designated
beneficiary.
(4) A stepparent of the designated beneficiary.
(5) A stepchild of the designated beneficiary.
(6) A niece or nephew of the designated beneficiary.
(7) An aunt or uncle of the designated beneficiary.
(8) An individual related to the designated beneficiary as
follows:
(A) A daughter-in-law.
(B) A son-in-law.
(C) A mother-in-law.
(D) A father-in-law.
(E) A sister-in-law.
(F) A brother-in-law.
(G) A first cousin.
(9) The spouse of the designated beneficiary or the spouse of an
individual described in subdivisions (1) through (8).
(b) For purposes of this section, an adopted child of an individual
is treated as a natural child of the individual.
(c) For purposes of this section, the terms brother and sister
include a brother or sister by the half blood.
As added by P.L.25-1999, SEC.5. Amended by P.L.135-2002,
SEC.11.
IC 21-9-2-18
"Program account"
Sec. 18. "Program account" means the program account of the
trust fund established under IC 21-9-5. A program account is
comprised of:
(1) trust accounts; and
(2) other contributions or money received in trust by the
authority together with allocable earnings (whether interest,
gains, or dividends) and other contributions appropriately made
or money properly allocable to the program account.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.12.
IC 21-9-2-19
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-19.5
"Qualified higher education expenses"
Sec. 19.5. "Qualified higher education expenses" has the meaning
set forth in Section 529 of the Internal Revenue Code.
As added by P.L.25-1999, SEC.6. Amended by P.L.135-2002,
SEC.13.
IC 21-9-2-19.7
"Rollover distribution"
Sec. 19.7. "Rollover distribution" means a rollover as defined in
Section 529 of the Internal Revenue Code.
As added by P.L.25-1999, SEC.7. Amended by P.L.135-2002,
SEC.14.
IC 21-9-2-20
Repealed
(Repealed by P.L.85-2000, SEC.6.)
IC 21-9-2-21
Repealed
(Repealed by P.L.85-2000, SEC.6.)
IC 21-9-2-22
Repealed
(Repealed by P.L.135-2002, SEC.30.)
IC 21-9-2-22.1
"Trust account"
Sec. 22.1. "Trust account" means a trust account established by a
contributor in the trust program by or for the benefit of an account
beneficiary.
As added by P.L.135-2002, SEC.15.
IC 21-9-2-23
"Trust fund"
Sec. 23. "Trust fund" means the trust fund created under IC 21-9-5
for purposes of any trust program under IC 21-9-7 and IC 21-9-8.
As added by P.L.165-1996, SEC.1. Amended by P.L.135-2002,
SEC.16.
IC 21-9-2-24
"Trust program"
Sec. 24. "Trust program" means the Indiana family college
savings trust program established under IC 21-9-3.
As added by P.L.165-1996, SEC.1.