2009 New Mexico Statutes
Chapter 21 - State and Private Education Institutions.
Article 21K - Education Trusts
Section 21-21K-2 - Definitions.

21-21K-2. Definitions.

As used in the Education Trust Act [21-21K-1 NMSA 1978]:   

A.     "beneficiary" means a person who is entitled to receive benefits under a college investment agreement or a prepaid tuition contract;   

B.     "board" means the education trust board;   

C.     "commission" means the commission on higher education;   

D.     "college investment agreement" means an agreement entered into by the board and an investor, pursuant to the provisions of the Education Trust Act, to defray the costs of attendance of a beneficiary at an institution of higher education;   

E.     "council" means the state investment council;   

F.     "fund" means the education trust fund;   

G.     "institution of higher education" means a state public post-secondary educational institution as defined in Section 6-17-1.1 NMSA 1978, a branch college, an independent community college, a technical and vocational institute or, if approved by the board, another public or private post-secondary educational institution located in this state or any other state;   

H.     "investor" means a person who has entered into a college investment agreement with the board;   

I.     "prepaid tuition contract" means a contract entered into by the board and a purchaser, pursuant to the provisions of the Education Trust Act, to provide for the payment of higher education tuition and required fees of a beneficiary; and   

J.     "purchaser" means a person who is obligated to make payments under a prepaid tuition contract.