Terms Used In Montana Code 33-20-1410

• 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 Montana Code 33-20-1402
• 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 Montana Code 33-20-1402
• 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 Montana Code 33-20-1402
• Structured settlement obligor: means , with respect to a 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 Montana Code 33-20-1402
• Transfer: means a sale, assignment, pledge, hypothecation, or other alienation or encumbrance of a structured settlement payment right made by a payee for consideration. See Montana Code 33-20-1402
• Transfer agreement: means the agreement providing for a transfer of a structured settlement payment right. See Montana Code 33-20-1402
• Transferee: means a party acquiring or proposing to acquire a structured settlement payment right through a transfer. See Montana Code 33-20-1402