Oregon Statutes 33.850 – Definitions for ORS 33.850 to 33.875
As used in ORS § 33.850 to 33.875:
Terms Used In Oregon Statutes 33.850
- 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.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(1) ‘Annuity issuer’ means an insurer that has entered into a contract to fund periodic payments under a structured settlement agreement.
(2) ‘Independent professional advice’ means advice of an attorney, certified public accountant, actuary, financial advisor or other professional advisor:
(a) Who is engaged by a payee to render advice concerning the legal, tax or financial implications of a transfer;
(b) Who is not affiliated with or compensated by the transferee; and
(c) Whose compensation for providing the advice is not affected by whether a transfer occurs or does not occur.
(3) ‘Obligor’ means a party that has a continuing obligation to make periodic payments to a payee under a structured settlement agreement or an agreement that provides for a qualified assignment as defined in section 130 of the Internal Revenue Code, as of January 1, 2006.
(4) ‘Payee’ means an individual who is receiving tax-free payments under a structured settlement agreement and proposes to make a transfer of payment rights.
(5) ‘Payment rights’ means rights to receive periodic payments under a structured settlement agreement, whether from the obligor or the annuity issuer.
(6) ‘Periodic payments’ includes both recurring payments and scheduled future lump sum payments.
(7) ‘Responsible administrative authority’ means a government authority vested by law with exclusive jurisdiction over the original tort claim or workers’ compensation claim that was resolved in a structured settlement agreement.
(8) ‘Structured settlement agreement’ means an agreement, judgment, stipulation or release embodying the terms of an arrangement for periodic payment of damages from an obligor or an annuity issuer for:
(a) Personal injuries or sickness established by settlement or judgment in resolution of a tort claim; or
(b) Periodic payments in settlement of a workers’ compensation claim.
(9) ‘Terms of the structured settlement agreement’ includes the terms of:
(a) A structured settlement agreement;
(b) An annuity contract;
(c) An agreement that provides for a qualified assignment as defined in section 130 of the Internal Revenue Code, as of January 1, 2006; and
(d) Any order or other approval of any court, responsible administrative authority or other government authority that authorized or approved the structured settlement agreement.
(10) ‘Transfer’ means any sale, assignment, pledge or other alienation or encumbrance of payment rights made by a payee for consideration. ‘Transfer’ does not include the creation or perfection of an unspecified security interest in all of the payee’s payment rights entered into with an insured depository institution, or an agent or successor in interests of the insured depository institution, in the absence of any action to redirect the payments under the structured settlement agreement to the insured depository institution or otherwise to enforce a security interest against the payment rights.
(11) ‘Transfer agreement’ means an agreement providing for a transfer of payment rights.
(12) ‘Transferee’ means a party acquiring or proposing to acquire payment rights through a transfer agreement. [2005 c.173 § 1; 2013 c.736 § 1]