Maine Revised Statutes Title 24-A Sec. 2244 – Jurisdiction; filing
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1. Jurisdiction. The Superior Court has nonexclusive jurisdiction over any application for authorization under this chapter of a transfer of structured settlement payment rights.
[PL 1999, c. 268, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 2244
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity issuer: means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241
- Interested parties: means the payee, any beneficiary designated under the annuity contract to receive payments following the payee's death and any other party that has continuing rights or obligations under the contract. See Maine Revised Statutes Title 24-A Sec. 2241
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Responsible administrative authority: means any government authority vested by law with exclusive jurisdiction over the settled claim resolved by a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241
- 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 established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. See Maine Revised Statutes Title 24-A Sec. 2241
- Structured settlement obligor: means the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. See Maine Revised Statutes Title 24-A Sec. 2241
- Transfer: means any sale, assignment, pledge, hypothecation or other form of alienation or encumbrance made by a payee for consideration. See Maine Revised Statutes Title 24-A Sec. 2241
- Transfer agreement: means the agreement providing for transfer of structured settlement payment rights from a payee to a transferee. See Maine Revised Statutes Title 24-A Sec. 2241
- Transferee: means a person that becomes entitled to receive structured settlement payment rights as a result of a transfer agreement. See Maine Revised Statutes Title 24-A Sec. 2241
2. Filing. Not less than 30 days prior to the scheduled hearing on any application for authorization of a transfer of structured settlement payment rights under this chapter, the transferee shall file with the court or responsible administrative authority and serve on any other government authority that previously approved the structured settlement, all interested parties, the structured settlement obligor and annuity issuer a notice of the proposed transfer and the application of its authorization, including in that notice:
A. A copy of the transferee’s application; [PL 1999, c. 268, §2 (NEW).]
B. A copy of the transfer agreement; [PL 1999, c. 268, §2 (NEW).]
C. A copy of the disclosure statement required under section 2243, subsection 2, paragraph B; [PL 1999, c. 268, §2 (NEW).]
D. Notification that any interested party, structured settlement obligor or annuity issuer is entitled to support, oppose or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and [PL 1999, c. 268, §2 (NEW).]
E. Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which may be not less than 30 days after service of the transferee’s notice, in order to be considered by the court or responsible administrative authority. [PL 1999, c. 268, §2 (NEW).]
[PL 1999, c. 268, §2 (NEW).]
SECTION HISTORY
PL 1999, c. 268, §2 (NEW).