Terms Used In Hawaii Revised Statutes > Chapter 676 - Structured Settlement Protection Act

• 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: means an insurer that has issued a contract to fund periodic payments under a structured settlement. See Hawaii Revised Statutes 676-1
• approval by the members: means an act approved or ratified by:

  (1) The affirmative vote of a majority of the votes represented and cast at a duly held meeting at which a quorum is present; provided that the affirmative votes cast constitute a majority of the required quorum;

  (2) A ballot or written consent in conformity with this chapter; or

  (3) The affirmative vote, ballot, or written consent of the greater proportion, including the votes of all the members of any class, unit, or grouping as may be provided in the articles, bylaws, or this chapter for any specified member action. See Hawaii Revised Statutes 414D-14

• articles: includes amended and restated articles of incorporation, and articles of merger. See Hawaii Revised Statutes 414D-14
• board of directors: means the board of directors of a corporation except that no person or group of persons are the board of directors because of powers delegated to that person or group pursuant to § 414D-131. See Hawaii Revised Statutes 414D-14
• Bylaws: means the code or codes of rules (other than the articles) adopted pursuant to this chapter for the regulation or management of the affairs of the corporation irrespective of the name or names by which the rules are designated. See Hawaii Revised Statutes 414D-14
• Class: refers to a group of memberships which have the same rights with respect to voting, dissolution, redemption, and transfer. See Hawaii Revised Statutes 414D-14
• Corporation: means a nonprofit corporation unless otherwise specified. See Hawaii Revised Statutes 414D-14
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deliver: includes mail. See Hawaii Revised Statutes 414D-14
• Department: means the department of commerce and consumer affairs, unless the context otherwise requires. See Hawaii Revised Statutes 414D-14
• Department director: means the director of the department of commerce and consumer affairs, unless the context otherwise requires. See Hawaii Revised Statutes 414D-14
• Dependents: include a payee's spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. See Hawaii Revised Statutes 676-1
• Directors: means individuals, designated in the articles or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title, to act as members of the board. See Hawaii Revised Statutes 414D-14
• Discounted present value: means 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 Hawaii Revised Statutes 676-1
• Domestic corporation: means a corporation organized under the laws of this State. See Hawaii Revised Statutes 414D-14
• filing: means filed in the office of the department director. See Hawaii Revised Statutes 414D-14
• Gross advance amount: means 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 Hawaii Revised Statutes 676-1
• Independent professional advice: means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser. See Hawaii Revised Statutes 676-1
• Individual: means a natural person. See Hawaii Revised Statutes 414D-14
• Interested party: means , 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 the structured settlement. See Hawaii Revised Statutes 676-1
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Member: means (without regard to what a person is called in the articles or bylaws) any person or persons having the rights and obligations of membership pursuant to a corporation's articles of incorporation or bylaws. See Hawaii Revised Statutes 414D-14
• Membership: refers to the rights and obligations a member or members have pursuant to a corporation's articles, bylaws, and this chapter. See Hawaii Revised Statutes 414D-14
• Net advance amount: means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 676-2(5). See Hawaii Revised Statutes 676-1
• Payee: means an individual who is receiving tax free payments under a structured settlement and proposes to make a transfer of the payment rights. See Hawaii Revised Statutes 676-1
• Periodic payments: includes both recurring payments and scheduled future lump sum payments. See Hawaii Revised Statutes 676-1
• Person: includes any individual or entity. See Hawaii Revised Statutes 414D-14
• Proceeding: includes civil suit and criminal, administrative, and investigatory action. See Hawaii Revised Statutes 414D-14
• Qualified assignment agreement: means an agreement providing for a qualified assignment within the meaning of section 130 of the United States Internal Revenue Code, United States Code title 26, as amended from time to time. See Hawaii Revised Statutes 676-1
• Responsible administrative authority: means , with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement. See Hawaii Revised Statutes 676-1
• Settled claim: means the original tort claim resolved by a structured settlement. See Hawaii Revised Statutes 676-1
• 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.
• Statute: A law passed by a legislature.
• Structured settlement: means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim. See Hawaii Revised Statutes 676-1
• Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Hawaii Revised Statutes 676-1
• Structured settlement obligor: means , 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 Hawaii Revised Statutes 676-1
• Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where:

  (1) The payee is domiciled in, or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in, this State;

  (2) The structured settlement agreement was approved by a court or responsible administrative authority in this State; or

  (3) The structured settlement agreement is expressly governed by the laws of this State. See Hawaii Revised Statutes 676-1

• 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 Hawaii Revised Statutes 676-1
• 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: means 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 "transfer" shall not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to such insured depository institution, or an agent or successor in interest, or otherwise to enforce the blanket security interest against the structured settlement payment rights. See Hawaii Revised Statutes 676-1
• Transfer agreement: means the agreement providing for a transfer of structured settlement payment rights. See Hawaii Revised Statutes 676-1
• Transfer expenses: means 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 Hawaii Revised Statutes 676-1
• Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Hawaii Revised Statutes 676-1
• Vote: includes authorization by ballot and written consent. See Hawaii Revised Statutes 414D-14