Article 1 General Provisions 27-45-1 – 27-45-9
Article 2 Written Proof Pharmacy Registered with State Board 27-45-20

Terms Used In Alabama Code > Title 27 > Chapter 45

  • affiliate: A person who controls, is controlled by, or is under common control with another person. See Alabama Code 45-26-231.06
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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: An insurer that has issued a contract to fund periodic payments under a structured settlement. See Alabama Code 22-11A-113
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • associate: When used to indicate a relationship with:

    (A) a domestic or foreign entity or organization for which the person is:

    (i) an officer or governing person; or

    (ii) a beneficial owner of 10 percent or more of a class of voting ownership interests or similar securities of the entity or organization;

    (B) a trust or estate in which the person has a substantial beneficial interest or for which the person serves as trustee or in a similar fiduciary capacity;

    (C) the person's spouse or a relative of the person related by consanguinity or affinity within the fifth degree who resides with the person; or

    (D) a governing person or an affiliate or officer of the person. See Alabama Code 45-26-231.06

  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • BUSINESS CORPORATION: A corporation or foreign corporation as defined in Chapter 2. See Alabama Code 45-26-231.06
  • BUSINESS TRUST: A business trust as defined in Chapter 16. See Alabama Code 45-26-231.06
  • CERTIFICATE OF DISSOLUTION: Any document such as a certificate of dissolution, statement of dissolution, or articles of dissolution, required or permitted to be filed publicly with respect to an entity's dissolution and winding up of its business, activity, activities, not for profit activity, or affairs. See Alabama Code 45-26-231.06
  • cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 45-26-231.06
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • dependents: A payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. See Alabama Code 22-11A-113
  • DISCOUNTED PRESENT VALUE: The present value of future payments determined by discounting the payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service. See Alabama Code 22-11A-113
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • domestic: With respect to an entity, that the entity is formed and exists under this title. See Alabama Code 45-26-231.06
  • DOMESTIC ENTITY: An organization formed and existing under this title. See Alabama Code 45-26-231.06
  • Donor: The person who makes a gift.
  • drugs: All medical substances, preparations, and devices recognized by the United States Pharmacopoeia and National Formulary, or any revision thereof, and all substances and preparations intended for external and internal use in the cure, diagnosis, mitigation, treatment, or prevention of disease in man or animal and all substances and preparations other than food intended to affect the structure or any function of the body of man or animal. See Alabama Code 27-45-2
  • EMPLOYEE BENEFIT PLAN: Any plan, fund, or program heretofore or hereafter established or maintained by an employer or an employee organization, or by both, to the extent that such plan, fund, or program was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, pharmaceutical services, including without limitation, prescription drugs. See Alabama Code 27-45-2
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • foreign: With respect to an entity, that the entity is formed and existing under the laws of a jurisdiction other than this state. See Alabama Code 45-26-231.06
  • FOREIGN GOVERNMENTAL AUTHORITY: A governmental official, agency, or instrumentality of a jurisdiction other than this state. See Alabama Code 45-26-231.06
  • FOREIGN LIMITED LIABILITY PARTNERSHIP: A foreign limited liability partnership as defined in Chapter 8A. See Alabama Code 45-26-231.06
  • fraud: An intentional misrepresentation, deceit, or concealment of a material fact the concealing party had a duty to disclose, which was gross, oppressive, or malicious and committed with the intention on the part of the defendant of thereby depriving a person or entity of property or legal rights or otherwise causing injury. See Alabama Code 22-11A-69
  • GOVERNING AUTHORITY: A person or group of persons who are entitled to manage and direct the affairs of an entity under this title and the governing documents of the entity, except that if the governing documents of the entity or this title divide the authority to manage and direct the affairs of the entity among different persons or groups of persons according to different matters, governing authority means the person or group of persons entitled to manage and direct the affairs of the entity with respect to a matter under the governing documents of the entity or this title. See Alabama Code 45-26-231.06
  • GROSS ADVANCE AMOUNT: The sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from the consideration. See Alabama Code 22-11A-113
  • HEALTH INSURANCE POLICY: Any individual, group, blanket, or franchise insurance policy, insurance agreement, or group hospital service contract providing for pharmaceutical services, including without limitation, prescription drugs, incurred as a result of accident or sickness, or to prevent same. See Alabama Code 27-45-2
  • INDEPENDENT PROFESSIONAL ADVICE: Advice of an attorney, certified public accountant, actuary, or other licensed professional adviser. See Alabama Code 22-11A-113
  • individual: A natural person and the estate of an incompetent or deceased natural person. See Alabama Code 45-26-231.06
  • insurer: Such term shall have the meaning ascribed in Section 27-1-2. See Alabama Code 27-45-2
  • INTERESTED PARTIES: With respect to any structured settlement, the payee, any beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under such structured settlement. See Alabama Code 22-11A-113
  • JUDGE OF PROBATE: The judge of probate of the county in which a domestic entity's certificate of formation is filed, or, with respect to a statement of authority under Chapter 8A, which is to be filed in the real property records of a particular county, the judge of probate of the county in which that statement is filed. See Alabama Code 45-26-231.06
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • license: A license, certificate of registration, or other legal authorization. See Alabama Code 45-26-231.06
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • LIMITED LIABILITY COMPANY: A limited liability company as defined in Chapter 5A. See Alabama Code 45-26-231.06
  • LIMITED LIABILITY PARTNERSHIP: A limited liability partnership as defined in Chapter 8A. See Alabama Code 45-26-231.06
  • LIMITED PARTNERSHIP: A limited partnership as defined in Chapter 9A. See Alabama Code 45-26-231.06
  • malice: The intentional doing of a wrongful act without just cause or excuse, either:

    a. See Alabama Code 22-11A-69

  • MANAGERIAL OFFICIAL: An officer or a governing person. See Alabama Code 45-26-231.06
  • merger: The combination of one or more domestic entities with one or more domestic entities or non-code organizations resulting in:

    (A) one or more surviving domestic entities or non-code organizations;

    (B) the creation of one or more new domestic entities or non-code organizations, or one or more surviving domestic entities or non-code organizations; or

    (C) one or more surviving domestic entities or non-code organizations and the creation of one or more new domestic entities or non-code organizations. See Alabama Code 45-26-231.06

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • NET ADVANCE AMOUNT: The gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under subdivision (5) of Section 6-11-52. See Alabama Code 22-11A-113
  • NONPROFIT ASSOCIATION: An unincorporated nonprofit association as defined in Chapter 17. See Alabama Code 45-26-231.06
  • NONPROFIT ENTITY: An entity that is a nonprofit corporation, nonprofit association, or other entity that is organized solely for one or more nonprofit purposes. See Alabama Code 45-26-231.06
  • 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.
  • organizer: A person, who need not be an owner or member of the entity, who, having the capacity to contract, is authorized to execute documents in connection with the formation of the entity. See Alabama Code 45-26-231.06
  • partner: A limited partner or general partner. See Alabama Code 45-26-231.06
  • partnership: Includes a general partnership, a limited liability partnership, a foreign limited liability partnership, a limited partnership, a foreign limited partnership, a limited liability limited partnership, and a foreign limited liability limited partnership. See Alabama Code 45-26-231.06
  • 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.
  • payee: An individual who is receiving tax free payments under a structured settlement and proposes to make a transfer of payment rights thereunder. See Alabama Code 22-11A-113
  • person: Such term shall have the meaning ascribed in Section 27-1-2. See Alabama Code 27-45-2
  • PHARMACEUTICAL SERVICES: Services ordinarily and customarily rendered by a pharmacy or pharmacist, including without limitation, the dispensing of prescriptions, drugs, medicines, chemicals, or poisons. See Alabama Code 27-45-2
  • pharmacist: Any person licensed by the Alabama State Board of Pharmacy to practice the profession of pharmacy in the State of Alabama and whose license is in good standing. See Alabama Code 27-45-2
  • pharmacy: A place licensed by the Alabama State Board of Pharmacy in which prescriptions, drugs, medicines, chemicals, and poisons are sold, offered for sale, compounded, or dispensed, and shall include all places whose title may imply the sale, offering for sale, compounding, or dispensing of prescriptions, drugs, medicines, chemicals, or poisons. See Alabama Code 27-45-2
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • prescription: Any order for drug or medical supplies, written or signed or transmitted by word of mouth, telephone, telegraph, closed circuit, television, or other means of communication by a legally competent practitioner, licensed by law to prescribe and administer such drugs and medical supplies intended to be filled, compounded, or dispensed by a pharmacist. See Alabama Code 27-45-2
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • PROFESSIONAL CORPORATION: A domestic or foreign professional corporation as defined in Chapter 4. See Alabama Code 45-26-231.06
  • PROFESSIONAL ENTITY: A professional association and a professional corporation. See Alabama Code 45-26-231.06
  • PROFESSIONAL SERVICE: Any type of service that may lawfully be performed only pursuant to a license issued by a state court, state regulatory licensing board, or other like agency pursuant to state laws. See Alabama Code 45-26-231.06
  • Quorum: The number of legislators that must be present to do business.
  • REAL ESTATE INVESTMENT TRUST: An unincorporated trust, association, or other entity as defined in Chapter 10. See Alabama Code 45-26-231.06
  • RESPONSIBLE ADMINISTRATIVE AUTHORITY: With respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by such structured settlement. See Alabama Code 22-11A-113
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • SECRETARY OF STATE: The Secretary of State of the State of Alabama. See Alabama Code 45-26-231.06
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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: An arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim. See Alabama Code 22-11A-113
  • STRUCTURED SETTLEMENT AGREEMENT: The agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Alabama Code 22-11A-113
  • STRUCTURED SETTLEMENT OBLIGOR: With respect to any 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 Alabama Code 22-11A-113
  • STRUCTURED SETTLEMENT PAYMENT RIGHTS: Rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where:

    a. See Alabama Code 22-11A-113

  • Subpoena: A command to a witness to appear and give testimony.
  • TERMS OF THE STRUCTURED SETTLEMENT: Include, with respect to any structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or other approval of any court or responsible administrative authority or other government authority that authorized or approved the structured settlement. See Alabama Code 22-11A-113
  • 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.
  • transfer: Any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; provided that the term does not include the creation or perfection of a security interest in structured settlement payment rights under a security agreement entered into with a bank or other insured depository institution or a subsidiary or affiliate of a bank or other insured depository institution (secured party) until and unless the secured party redirects the structured settlement payments to such secured party, or an agent or successor in interest thereof, or otherwise enforces the security interest against the structured settlement payment rights. See Alabama Code 22-11A-113
  • TRANSFER AGREEMENT: The agreement providing for a transfer of structured settlement payment rights. See Alabama Code 22-11A-113
  • TRANSFER EXPENSES: All expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorneys' fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. See Alabama Code 22-11A-113
  • transferee: A party acquiring or proposing to acquire structured settlement payment rights through a transfer; provided that the term does not include a secured party who has not received a transfer of the structured settlement payment rights as the term "transfer" is defined in subdivision (18). See Alabama Code 22-11A-113
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 30-3D-608