Terms Used In Arizona Laws > Title 12 > Chapter 20 - Structured Settlements

• Address: means a mailing address. See Arizona Laws 10-140
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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 a contract that is used to fund periodic payments under a structured settlement. See Arizona Laws 12-2901
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
• Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
• Cooperative: means a corporation that is organized under this article or that becomes subject to this article in the manner provided in this article. See Arizona Laws 10-2051
• Dependent: A person dependent for support upon another.
• Dependents: includes a payee's spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony. See Arizona Laws 12-2901
• Discounted present value: means the present value of future payments, as determined by discounting the payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States internal revenue service. See Arizona Laws 12-2901
• Division: means the animal services division of the Arizona department of agriculture. See Arizona Laws 3-1201
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Feed lot: means either of the following:

  (a) A beef cattle feed lot, or feed yard, having more than five hundred head of beef cattle at one time during the licensed year. See Arizona Laws 3-1451

• Gross advance amount: means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from the consideration. See Arizona Laws 12-2901
• Independent professional advice: means the advice of an attorney, certified public accountant, actuary or other licensed professional adviser. See Arizona Laws 12-2901
• Interested parties: means , with respect to any structured settlement, the payee, any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor and any other party that has continuing rights or obligations under the structured settlement. See Arizona Laws 12-2901
• Lien: A claim against real or personal property in satisfaction of a debt.
• Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Net advance amount: means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under this chapter. See Arizona Laws 12-2901
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operator: means the owner or the person having charge or control of a feed lot. See Arizona Laws 3-1451
• Payee: means an individual who receives tax-free damage payments under a structured settlement and who proposes to make a transfer of payment rights under the structured settlement. See Arizona Laws 12-2901
• Periodic payments: includes both recurring payments and scheduled future lump sum payments. See Arizona Laws 12-2901
• Person: means a natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency of a state or any body politic. See Arizona Laws 10-2051
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• President: means that officer designated as the president in the articles of incorporation or bylaws or, if not so designated, that officer authorized in the articles of incorporation, bylaws or otherwise to perform the functions of the chief executive officer, irrespective of the name by which designated. See Arizona Laws 10-140
• Qualified assignment agreement: means an agreement that provides for a qualified assignment within the meaning of section 130 of the internal revenue code as defined by section 42-1001. See Arizona Laws 12-2901
• Responsible administrative authority: means , with respect to a structured settlement, any government authority that is vested by law with exclusive jurisdiction over the settled claim that is resolved by the structured settlement. See Arizona Laws 12-2901
• Settled claim: means the original tort claim or workers' compensation claim that is resolved by a structured settlement. See Arizona Laws 12-2901
• Structured settlement: means an arrangement for periodic payment of damages for personal injuries or sickness that is established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. See Arizona Laws 12-2901
• Structured settlement agreement: means the agreement, judgment, stipulation or release that embodies the terms of a structured settlement. See Arizona Laws 12-2901
• Structured settlement obligor: means , with respect to any structured settlement, the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. See Arizona Laws 12-2901
• Structured settlement payment rights: means the right to receive periodic payments under a structured settlement, whether from the settlement obligor or the annuity issuer, if any of the following apply:

  (a) The payee, the structured settlement obligor, the annuity issuer or any other interested party is domiciled in this state. See Arizona Laws 12-2901

• Terms of the structured settlement: include , with respect to any structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement and any order or other approval of any court or responsible administrative authority or other government authority that authorized or approved the structured settlement. See Arizona Laws 12-2901
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transfer: means any sale, assignment, pledge, hypothecation or other form of alienation or encumbrance of structured settlement payment rights. See Arizona Laws 12-2901
• Transfer agreement: means the agreement that provides for transfer of structured settlement payment rights from a payee to a transferee. See Arizona Laws 12-2901
• Transfer expenses: means all expenses of a transfer required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions and other payments to a broker or other intermediary. See Arizona Laws 12-2901
• Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Arizona Laws 12-2901
• United States: includes a district, authority, bureau, commission and department and any other agency of the United States. See Arizona Laws 10-140
• Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
• written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140