Terms Used In Hawaii Revised Statutes 676-1

• 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 to fund periodic payments under a structured settlement. See Hawaii Revised Statutes 676-1
• 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}
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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 Hawaii Revised Statutes 676-1
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Payee: means an individual who is receiving tax free payments under a structured settlement and proposes to make a transfer of the payment rights. See Hawaii Revised Statutes 676-1
• Periodic payments: includes both recurring payments and scheduled future lump sum payments. See Hawaii Revised Statutes 676-1
• Qualified assignment agreement: means an agreement providing for a qualified assignment within the meaning of section 130 of the United States Internal Revenue Code, United States Code title 26, as amended from time to time. See Hawaii Revised Statutes 676-1
• Responsible administrative authority: means , with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement. See Hawaii Revised Statutes 676-1
• Settled claim: means the original tort claim resolved by a structured settlement. See Hawaii Revised Statutes 676-1
• 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 Hawaii Revised Statutes 676-1
• Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Hawaii Revised Statutes 676-1
• Structured settlement obligor: means , with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement. See Hawaii Revised Statutes 676-1
• Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where:

  (1) The 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;

  (2) The structured settlement agreement was approved by a court or responsible administrative authority in this State; or

  (3) The structured settlement agreement is expressly governed by the laws of this State. See Hawaii Revised Statutes 676-1

• 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 Hawaii Revised Statutes 676-1
• 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 alienation or encumbrance of structured settlement payment rights made by a payee for consideration; provided that the term "transfer" shall 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 any action to redirect the structured settlement payments to such insured depository institution, or an agent or successor in interest, or otherwise to enforce the blanket security interest against the structured settlement payment rights. See Hawaii Revised Statutes 676-1
• Transfer agreement: means the agreement providing for a transfer of structured settlement payment rights. See Hawaii Revised Statutes 676-1
• Transfer expenses: means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorneys fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. See Hawaii Revised Statutes 676-1