676-1 Definitions
676-2 Required disclosures to payee
676-3 Approval of transfers of structured settlement payment rights
676-4 Effects of transfer of structured settlement payment rights
676-5 Procedure for approval of transfers
676-6 General provisions construction

Terms Used In Hawaii Revised Statutes > Chapter 676

  • Annuity issuer: means an insurer that has issued a contract to fund periodic payments under a structured settlement. See Hawaii Revised Statutes 431:11-117
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 54-17
  • 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 431:11-117
  • 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 431:11-117
  • 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 431:11-117
  • Independent professional advice: means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser. See Hawaii Revised Statutes 431:11-117
  • 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 431:11-117
  • 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 431:11-117
  • 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 431:11-117
  • Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, and any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property, or a securities broker performing only the usual and customary broker's function. See Hawaii Revised Statutes 431:11-102
  • 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 431:11-117
  • 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 431:11-117
  • Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See Hawaii Revised Statutes 431:11-117
  • 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 431:11-117
  • 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 431:11-117

  • 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 431:11-117
  • 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 431:11-117
  • Transfer agreement: means the agreement providing for a transfer of structured settlement payment rights. See Hawaii Revised Statutes 431:11-117
  • 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 431:11-117
  • Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See Hawaii Revised Statutes 431:11-117