(a) An application under this chapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in any court or before any responsible administrative authority:

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Terms Used In Hawaii Revised Statutes 676-5

  • 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.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Dependent: A person dependent for support upon another.
  • Dependents: include a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. See Hawaii Revised Statutes 676-1
  • Interested party: 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 Hawaii Revised Statutes 676-1
  • 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 agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. 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

  • 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
  • Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Hawaii Revised Statutes 676-1
(1) In the county in which the payee resides;
(2) In the county in which the structured settlement obligor or the annuity issuer maintains its principal place of business; or
(3) That approved the structured settlement agreement.
(b) To apply for approval of a transfer of structured settlement payment rights under § 676-3, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization. The notice shall include:

(1) A copy of the transferee’s application;
(2) A copy of the transfer agreement;
(3) A copy of the disclosure statement required under § 676-2;
(4) A listing of each of the payee’s dependents, together with each dependent‘s age;
(5) Notification that any interested party 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
(6) 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 shall be filed, to be considered by the court or responsible administrative authority; provided that the written responses shall be filed not less than fifteen days after service of the transferee’s notice.
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