Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-1105
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Terms Used In Maryland Code, COURTS AND JUDICIAL PROCEEDINGS 5-1105
- 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.
- 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.
If a transfer of structure settlement payment rights has been authorized under this subtitle, neither the annuity issuer nor the structured settlement obligor shall have any liability to the payee or to any other party for any payment made to the transferee in accordance with the authorization.