Terms Used In South Carolina Code > Title 12 > Chapter 37 > Article 7 - Personal Property in Transit

• Assignee: means a person acquiring or proposing to acquire structured settlement payments from a structured settlement purchase company or transferee after, or concurrently with, the transfer of the structured settlement payment rights by the payee to the structured settlement purchase company or transferee. See South Carolina Code 15-50-20
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Payee: means an individual who is receiving tax-free payments under a structured settlement and who proposes to make a transfer of payment rights under the settlement. See South Carolina Code 15-50-20
• person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
  
  (2) "individual" means a human being. See South Carolina Code 12-2-20
• Personal property: All property that is not real property.
• Secretary: means the Secretary of State. See South Carolina Code 15-50-20
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Structured settlement: means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim. See South Carolina Code 15-50-20
• Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, if the:
  
  (a) payee is domiciled in, or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in, this State; or
  
  (b) structured settlement agreement was approved by a court in this State; or
  
  (c) structured settlement agreement is governed expressly by the laws of this State. See South Carolina Code 15-50-20
• Structured settlement purchase company: means a person who acts as a transferee in the State and who is registered with the Secretary pursuant to § 15-50-80 through § 15-50-150. See South Carolina Code 15-50-20
• Transfer: means the sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; except that the term "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of an action to redirect the structured settlement payments to the insured depository institution, or an agent or successor in interest of it, or otherwise to enforce the blanket security interest against the structured settlement payment rights. See South Carolina Code 15-50-20