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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 3 Chapter 5 Assets

continuing care retirement complex. If they begin to need assistance with activities of daily living, (i.e., mobility, eating, bathing, dressing, etc.), they may be transferred to an assisted living or skilled nursing facility on the same site. CONTRACT BENEFICIARY Any entity that is named in a contract as the beneficiary. CONTRACT BUYER A person who purchases goods or services as specified in a contract. CONTRACT SELLER A person, his agent, or his employee who sells, makes available, or provides contracts. CONVERSION OR SALE OF AN ASSET The sale or exchange of an asset from liquid to non-liquid or non-liquid to liquid. CREDITOR The owner of an agreement (i.e., promissory note) or a property agreement (i.e., land sale contract). A creditor or lender is the seller of the property or holder of a promissory note. CURRENT MARKET VALUE (CMV) The amount an asset can be expected to sell for on the open market, in the particular geographic area. Market conditions are reflected in an asset's CMV. DEBT Any form of legal indebtedness against an asset, such as mortgages, liens, loans, purchase contracts, and security interests. For purposes of establishing equity value, a debt must be legally recognized as binding on the individual who holds the asset. DEDICATED ACCOUNT An SSI recipient, who is under age 18 and has a representative payee, may have a dedicated account, so that back SSI payments can be deposited directly into the account. Social Security Administration (SSA) regulations require that certain such payments be directly deposited. Other payments of the same type are not required to be deposited directly into the account but may be deposited in the dedicated account at the discretion of the representative payee. SSA places certain restrictions on the use of the funds deposited into these accounts. SSI representative payees receive notification from SSA that a dedicated account must be established and also receive notification when an SSI back payment amount is directly deposited.