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 thisarticle.
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 accountor 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 theaccount is established under this article; and
(2) designated as the new beneficiary when beneficiaries arechanged.
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 emancipatedminor, a trust, an estate, a partnership, an association, a company, acorporation, or a qualified custodian under the Uniform Transfers toMinors act (IC 30-2-8.5) that is designated as having the right to dothe following:
(1) Select or change the designated beneficiary of an account.
(2) Designate a person other than the designated beneficiary asa person to whom funds may be paid from the account.
(3) Receive distributions from the account if no other person isdesignated.
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Repealed
(Repealed by P.L.135-2002, SEC.30.)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 administrativeaccount of the trust fund established under IC 21-9-5 that may befunded 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Repealed
(Repealed by P.L.135-2002, SEC.30.)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 authoritycreated 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 authorityestablished 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 anaccount for the benefit of an account beneficiary or used to pay feesassociated 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, orqualified custodian under the Uniform Transfers to Minors act (IC30-2-8.5) that makes a deposit for the benefit of an accountbeneficiary.
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 qualifiesas a qualified state tuition program under Section 529 of theInternal 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 savingsprograms that:
(1) may be funded periodically from gifts, bequests, devises, orother 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 creditunion, an insurance company, a trust company, an investmentcompany, a mutual fund, or similar entity that meets the qualifyingrequirements 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 operatingfund established under IC 21-9-5 from which general operating,administrative, and capital expenses (other than those payable fromthe 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 RevenueCode 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 whois 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 designatedbeneficiary.
(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 asfollows:
(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 anindividual described in subdivisions (1) through (8).
(b) For purposes of this section, an adopted child of an individualis treated as a natural child of the individual.
(c) For purposes of this section, the terms brother and sisterinclude 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 thetrust fund established under IC 21-9-5. A program account iscomprised of:
(1) trust accounts; and
(2) other contributions or money received in trust by theauthority together with allocable earnings (whether interest,gains, or dividends) and other contributions appropriately madeor 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 meaningset 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 inSection 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 acontributor in the trust program by or for the benefit of an accountbeneficiary.
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 21-9-5for 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 collegesavings trust program established under IC 21-9-3.
As added by P.L.165-1996, SEC.1.