Terms Used In Hawaii Revised Statutes 676-4

• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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
• 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 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
• 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
• Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Hawaii Revised Statutes 676-1