Maine Revised Statutes > Title 24-A > Chapter 24-A – Protection of Beneficiaries of Structured Settlements
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 24-A - Protection of Beneficiaries of Structured Settlements
- 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
- Applicable law: means :
A. See Maine Revised Statutes Title 24-A Sec. 2241Beneficiary: 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 Dependents: means 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 Maine Revised Statutes Title 24-A Sec. 2241 Discounted present value: means the fair present value of future payments as determined by discounting such payments to the present using the applicable federal rate for determining the present value of an annuity most recently published by the United States Internal Revenue Service. See Maine Revised Statutes Title 24-A Sec. 2241 Enclosed area: means a space between a floor and a ceiling that is demarcated on all sides by walls, windows, shutters, doors or passageways. See Maine Revised Statutes Title 22 Sec. 1541 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Federal hardship standard: means a federal standard applicable to transfers of structured settlement payment rights based on findings of a court or responsible administrative authority regarding the payee's needs, as contained in the United States Internal Revenue Code or in a United States Treasury regulation adopted pursuant to the code. See Maine Revised Statutes Title 24-A Sec. 2241 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. hookah: means a device used for smoking tobacco that consists of a tube connected to a container where the smoke is cooled by passing through water. See Maine Revised Statutes Title 22 Sec. 1541 Independent professional advice: means advice of an attorney, certified public accountant, actuary or other licensed professional advisor:
A. See Maine Revised Statutes Title 24-A Sec. 2241Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72 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 damage payments under a structured settlement and proposes to make a transfer of payment rights under that settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Public place: means any place not open to the sky into which the public is invited or allowed. See Maine Revised Statutes Title 22 Sec. 1541 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. See Maine Revised Statutes Title 24-A Sec. 2241 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 Settled claim: means the original tort claim or workers' compensation claim resolved by a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Smoking: includes carrying or having in one's possession a lighted or heated cigarette, cigar or pipe or a lighted or heated tobacco or plant product intended for human consumption through inhalation whether natural or synthetic in any manner or in any form. See Maine Revised Statutes Title 22 Sec. 1541 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 agreement: means the agreement, judgment, stipulation or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments. 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 Structured settlement payment rights: means rights to receive periodic payments, including lump sum payments, under a structured settlement, whether from the settlement obligor or the annuity issuer, when:
A. See Maine Revised Statutes Title 24-A Sec. 2241Terms of a structured settlement: means the terms of a structured settlement agreement, an annuity contract, any qualified assignment agreement and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving the structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Tobacco specialty store: means a retail business under 2,000 square feet in which at least 60% of the business's gross revenue for the last calendar year was derived from the sale of tobacco or tobacco-related products. See Maine Revised Statutes Title 22 Sec. 1541 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 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 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72