|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2000 LAWS OF MARYLAND
|
|
|
|
|
|
Ch. 366
|
|
|
|
|
|
|
|
|
|
THE PAYEE'S DEATH, THE ANNUITY ISSUER, THE STRUCTURED SETTLEMENT
OBLIGOR, AND ANY OTHER PARTY THAT HAS CONTINUING RIGHTS OR OBLIGATIONS
UNDER A STRUCTURED SETTLEMENT.
(E) "PAYEE" MEANS AN INDIVIDUAL WHO RECEIVES DAMAGE PAYMENTS
THAT ARE NOT SUBJECT TO INCOME TAXATION UNDER A STRUCTURED SETTLEMENT
AND PROPOSES TO MAKE A TRANSFER OF PAYMENT RIGHTS.
(F) "RESPONSIBLE ADMINISTRATIVE AUTHORITY' MEANS A GOVERNMENT
AUTHORITY VESTED WITH EXCLUSIVE JURISDICTION OVER THE SETTLED CLAIM
RESOLVED BY A STRUCTURED SETTLEMENT.
(G) (1) "STRUCTURED SETTLEMENT" MEANS AN ARRANGEMENT FOR
PERIODIC PAYMENT OF DAMAGES FOR PERSONAL INJURY ESTABLISHED BY A
SETTLEMENT OR JUDGMENT IN RESOLUTION OF A TORT CLAIM.
(2) "STRUCTURED SETTLEMENT" DOES NOT INCLUDE AN
ARRANGEMENT FOR PERIODIC PAYMENT OF DAMAGES FOR PERSONAL INJURY
ESTABLISHED BY A JUDGMENT BY CONFESSION.
(H) "STRUCTURED SETTLEMENT AGREEMENT" MEANS AN AGREEMENT,
JUDGMENT, STIPULATION, OR RELEASE EMBODYING THE TERMS OF A STRUCTURED
SETTLEMENT.
(I) "STRUCTURED SETTLEMENT OBLIGOR" MEANS A PARTY WHO HAS THE
CONTINUING PERIODIC PAYMENT OBLIGATION TO THE PAYEE UNDER A
STRUCTURED SETTLEMENT AGREEMENT OR A QUALIFIED ASSIGNMENT
AGREEMENT.
(J) "STRUCTURED SETTLEMENT PAYMENT RIGHTS" MEANS THE RIGHTS TO
RECEIVE PERIODIC PAYMENTS, INCLUDING LUMP-SUM PAYMENTS UNDER A
STRUCTURED SETTLEMENT, WHETHER FROM THE SETTLEMENT OBLIGOR OR THE
ANNUITY ISSUER, IF:
(1) AN INTERESTED PARTY IS DOMICILED IN THIS STATE;
(2) THE STRUCTURED SETTLEMENT AGREEMENT WAS APPROVED BY A
COURT OR RESPONSIBLE ADMINISTRATIVE AUTHORITY IN THIS STATE; OR
(3) THE SETTLED CLAIM WAS PENDING BEFORE A COURT OF THIS STATE
WHEN THE PARTIES ENTERED INTO THE STRUCTURED SETTLEMENT AGREEMENT.
(K) "TERMS OF THE STRUCTURED SETTLEMENT" INCLUDES THE TERMS OF
THE STRUCTURED SETTLEMENT AGREEMENT, THE ANNUITY CONTRACT, A
QUALIFIED ASSIGNMENT, AND AN ORDER OR APPROVAL OF A COURT OR
RESPONSIBLE ADMINISTRATIVE AUTHORITY AUTHORIZING OR APPROVING A
STRUCTURED SETTLEMENT.
(L) "TRANSFER" MEANS A SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, OR
OTHER FORM OF ALIENATION OR ENCUMBRANCE MADE BY A PAYEE FOR
CONSIDERATION.
|
|
|
|
|
|
|
|
|
|
- 2078 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
