Terms Used In North Carolina General Statutes > Chapter 66 > Article 37 - Tobacco Reserve Fund and Escrow Compliance

• Affiliate: means a person who directly or indirectly owns or controls, is owned or controlled by, or is under common ownership or control with, another person. See North Carolina General Statutes 66-290
• Allocable share: means Allocable Share as that term is defined in the Master Settlement Agreement. See North Carolina General Statutes 66-290
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• cigarette: includes "roll-your-own" (i. See North Carolina General Statutes 66-290
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Master Settlement Agreement: means the settlement agreement (and related documents) entered into on November 23, 1998, by the State and leading United States tobacco product manufacturers. See North Carolina General Statutes 66-290
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual, partnership, committee, association, corporation, or any other organization or group of persons. See North Carolina General Statutes 66-290
• Qualified escrow fund: means an escrow arrangement with a federally or State chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars ($1,000,000,000) where such arrangement requires that such financial institution hold the escrowed funds' principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds' principal except as consistent with N. See North Carolina General Statutes 66-290
• Released claims: means Released Claims as that term is defined in the Master Settlement Agreement. See North Carolina General Statutes 66-290
• Releasing parties: means Releasing Parties as that term is defined in the Master Settlement Agreement. See North Carolina General Statutes 66-290
• 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.
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Tobacco Product Manufacturer: means an entity that after the effective date of this Article directly (and not exclusively through any affiliate):

  a. See North Carolina General Statutes 66-290

• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Units sold: means the number of individual cigarettes sold in the State by the applicable tobacco product manufacturer (whether directly or through a distributor, retailer, or similar intermediary or intermediaries) during the year in question, on which the State has authority under federal law to impose excise or similar taxes or to collect escrow. See North Carolina General Statutes 66-290