"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. (1) Select or change the designated beneficiary of an account.
2. (2) Designate a person other than the designated beneficiary as a person to whom funds may be paid from the account.
3. (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.