Creation of the Tennessee college savings trust funds

(a) There are created two (2) Tennessee college savings trust funds, the educational investment trust fund and the educational services trust fund. The board, or if designated by the board, the state treasurer shall serve as trustee. These funds shall be held and maintained as separate accounts as provided in subdivisions (a)(1) and (2): Ask a legal question, get an answer ASAP!(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: OCCbeneficiary: 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 49-7-802Bequeath: 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 49-7-802Contract: 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 49-7-802Educational 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 49-7-802Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.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.Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802Property: includes both personal and real property. See Tennessee Code 1-3-105Purchaser: 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 49-7-802State: 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 1-3-105Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCCTrust fund: means the educational investment trust fund or the educational services trust fund established pursuant to §. See Tennessee Code 49-7-802Trustee: 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(1) The educational investment trust fund shall consist solely of: (A) Contributions received by the board from account owners or contributors on behalf of beneficiaries for a particular educational investment trust account or from any other source public or private; (B) All interest and investment income earned by such fund; (C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and (D) All other receipts of the board from any other source that the board determines appropriate; (2) The educational services trust fund shall consist solely of: (A) Payments received by the board from purchasers on behalf of beneficiaries pursuant to educational services plan contracts or from any other source, public or private; (B) All interest and investment income earned by the fund; (C) Any monetary gift of any nature made by any individual by testamentary disposition, including, but not limited to, any specific monetary gift or bequeath made by will, trust or other disposition; and (D) All other receipts of the board from any other source that the board determines appropriate. (b) The board shall maintain an account for each tuition contract showing the beneficiary of that educational services plan contract. The account shall also show the number of t