Minnesota Statutes 60A.975 – Definitions
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Subdivision 1.Application.
For purposes of sections 60A.975 and 60A.976, the definitions in this section have the meanings given them.
Subd. 2.Annuity issuer.
Terms Used In Minnesota Statutes 60A.975
- 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.
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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.
Terms Used In Minnesota Statutes 60A.975
- 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.
- Minor: means an individual under the age of 18. See Minnesota Statutes 645.451
- Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
- 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.
“Annuity issuer” means an insurer that issues an insurance contract used to fund periodic payments under a structured settlement agreement.
Subd. 3.Structured settlement.
“Structured settlement” means an arrangement for periodic payment of damages entered on behalf of a minor or incompetent person for personal injuries established by settlement or judgment.
Subd. 4.Structured settlement agreement.
“Structured settlement agreement” means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement.