Maine Revised Statutes > Title 11 > Article 4 > Part 2 – Collection of Items; Depositary and Collecting Banks
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Terms Used In Maine Revised Statutes > Title 11 > Article 4 > Part 2 - Collection of Items; Depositary and Collecting Banks
- 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 an insurance contract used to fund periodic payments under a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Applicable law: means :
A. See Maine Revised Statutes Title 24-A Sec. 2241Authorized individual: means an individual whose access to the nonpublic information held by a licensee and its information systems is authorized and determined by the licensee to be necessary and appropriate. See Maine Revised Statutes Title 24-A Sec. 2263 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 Breathing apparatus: means any breathing device, either high or low pressure, which is used to sustain human life under adverse conditions. See Maine Revised Statutes Title 22 Sec. 1582 carrier: means :
A. See Maine Revised Statutes Title 24-A Sec. 2204Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A Confidential investigative information: means any information that:
A. See Maine Revised Statutes Title 24-A Sec. 2204consumer: means any individual who resides or obtains insurance in this State and:
A. See Maine Revised Statutes Title 24-A Sec. 2204Consumer: means an individual, including but not limited to an applicant for insurance, policyholder, insured, beneficiary, claimant or certificate holder, who is a resident of this State and whose nonpublic information is in a licensee's possession, custody or control. See Maine Revised Statutes Title 24-A Sec. 2263 Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. 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. Cybersecurity event: means an event resulting in unauthorized access to, disruption of or misuse of an information system or information stored on an information system. See Maine Revised Statutes Title 24-A Sec. 2263 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1582 Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A Dependents: means a payee's spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony. See Maine Revised Statutes Title 24-A Sec. 2241 Discounted present value: means the fair present value of future payments as determined by discounting such payments to the present using the applicable federal rate for determining the present value of an annuity most recently published by the United States Internal Revenue Service. See Maine Revised Statutes Title 24-A Sec. 2241 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Docket: A log containing brief entries of court proceedings. Electronic smoking device: means a device used to deliver nicotine or any other substance intended for human consumption that may be used by a person to simulate smoking through inhalation of vapor or aerosol from the device, including, without limitation, a device manufactured, distributed, marketed or sold as an electronic cigarette, electronic cigar, electronic pipe, electronic hookah or so-called vape pen. See Maine Revised Statutes Title 22 Sec. 1541 Enclosed area: means a space between a floor and a ceiling that is demarcated on all sides by walls, windows, shutters, doors or passageways. See Maine Revised Statutes Title 22 Sec. 1541 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Federal hardship standard: means a federal standard applicable to transfers of structured settlement payment rights based on findings of a court or responsible administrative authority regarding the payee's needs, as contained in the United States Internal Revenue Code or in a United States Treasury regulation adopted pursuant to the code. See Maine Revised Statutes Title 24-A Sec. 2241 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. Fraud: Intentional deception resulting in injury to another. Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Health care: includes prescribing, dispensing, furnishing or providing to a patient drugs, biologicals, medical devices, health care equipment and supplies or hospice services and the banking of blood, sperm, organs or any other tissue. See Maine Revised Statutes Title 24-A Sec. 2204 Health care information: means information that:
A. See Maine Revised Statutes Title 24-A Sec. 2204Health care provider: means a health care practitioner or health care facility. See Maine Revised Statutes Title 24-A Sec. 2204 health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704 hookah: means a device used for smoking tobacco that consists of a tube connected to a container where the smoke is cooled by passing through water. See Maine Revised Statutes Title 22 Sec. 1541 in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 Independent professional advice: means advice of an attorney, certified public accountant, actuary or other licensed professional advisor:
A. See Maine Revised Statutes Title 24-A Sec. 2241Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72 Information security program: means the administrative, technical and physical safeguards that a licensee uses to access, collect, distribute, process, protect, store, use, transmit, dispose of or otherwise handle nonpublic information. See Maine Revised Statutes Title 24-A Sec. 2263 Information system: means a discrete set of electronic information resources organized for the collection, processing, maintenance, use, sharing, dissemination or disposition of electronic information, as well as any specialized system such as an industrial or process control system, a telephone switching and private branch exchange system or an environmental control system. See Maine Revised Statutes Title 24-A Sec. 2263 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insurance support organization: means any person, other than a regulated insurance entity, health care provider or governmental agency, who regularly engages, in whole or in part, in the practice of assembling or collecting information for the primary purpose of providing the information to carriers, producers or agencies for insurance transactions, including:
A. See Maine Revised Statutes Title 24-A Sec. 2204Insurance transaction: means any transaction that entails:
A. See Maine Revised Statutes Title 24-A Sec. 2204Interested parties: means the payee, any beneficiary designated under the annuity contract to receive payments following the payee's death and any other party that has continuing rights or obligations under the contract. See Maine Revised Statutes Title 24-A Sec. 2241 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. Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. Licensee: means a person licensed, authorized to operate or registered or required to be licensed, authorized or registered pursuant to the insurance laws of this State. See Maine Revised Statutes Title 24-A Sec. 2263 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Mortgagee: The person to whom property is mortgaged and who has loaned the money. Multifactor authentication: means authentication through verification of at least 2 of the following types of authentication factors:
A. See Maine Revised Statutes Title 24-A Sec. 2263Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72 Nonpublic information: means information that is not publicly available information and is:
A. See Maine Revised Statutes Title 24-A Sec. 2263Obligation: 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. Oversight: Committee review of the activities of a Federal agency or program. 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: means an individual who is receiving tax-free damage payments under a structured settlement and proposes to make a transfer of payment rights under that settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Personal information: includes but is not limited to an individual's name and address and health care information. See Maine Revised Statutes Title 24-A Sec. 2204 Policyholder: means any person who:
A. See Maine Revised Statutes Title 24-A Sec. 2204Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public place: means any place not open to the sky into which the public is invited or allowed. See Maine Revised Statutes Title 22 Sec. 1541 Publicly available information: means information that a licensee has a reasonable basis to believe is lawfully made available to the general public from:
A. See Maine Revised Statutes Title 24-A Sec. 2263Qualified 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. See Maine Revised Statutes Title 24-A Sec. 2241 registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Regulated insurance entity: means any person or entity required to be licensed by the superintendent under this Title or Title 24, including without limitation a carrier, producer, producer agency or administrator. See Maine Revised Statutes Title 24-A Sec. 2204 Responsible administrative authority: means any government authority vested by law with exclusive jurisdiction over the settled claim resolved by a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Risk assessment: means the risk assessment that a licensee is required to conduct under section 2264, subsection 3. See Maine Revised Statutes Title 24-A Sec. 2263 Service of process: The service of writs or summonses to the appropriate party. Settled claim: means the original tort claim or workers' compensation claim resolved by a structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241 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. Smoking: includes carrying or having in one's possession a lighted or heated cigarette, cigar or pipe or a lighted or heated tobacco or plant product intended for human consumption through inhalation whether natural or synthetic in any manner or in any form. See Maine Revised Statutes Title 22 Sec. 1541 Statute: A law passed by a legislature. Structured settlement: means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. See Maine Revised Statutes Title 24-A Sec. 2241 Structured settlement agreement: means the agreement, judgment, stipulation or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments. See Maine Revised Statutes Title 24-A Sec. 2241 Structured settlement obligor: means the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. See Maine Revised Statutes Title 24-A Sec. 2241 Structured settlement payment rights: means rights to receive periodic payments, including lump sum payments, under a structured settlement, whether from the settlement obligor or the annuity issuer, when:
A. See Maine Revised Statutes Title 24-A Sec. 2241Subpoena: A command to a witness to appear and give testimony. Suppliers of compressed air: means any organization, agency, individual, firm, partnership or corporation that provides compressed air to be used in self-contained breathing apparatus. See Maine Revised Statutes Title 22 Sec. 1582 Terms of a structured settlement: means the terms of a structured settlement agreement, an annuity contract, any qualified assignment agreement and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving the structured settlement. See Maine Revised Statutes Title 24-A Sec. 2241 Tester of compressed air: means any organization, agency, individual, firm, partnership or corporation that is recognized by the department as qualified to inspect and test suppliers of compressed air. See Maine Revised Statutes Title 22 Sec. 1582 Third-party service provider: means a person that is not a licensee and that contracts with a licensee to maintain, process or store or otherwise is permitted access to nonpublic information through its provision of services to the licensee. See Maine Revised Statutes Title 24-A Sec. 2263 Tobacco specialty store: means a retail business under 2,000 square feet in which at least 60% of the business's gross revenue for the last calendar year was derived from the sale of tobacco or tobacco-related products. See Maine Revised Statutes Title 22 Sec. 1541 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 form of alienation or encumbrance made by a payee for consideration. See Maine Revised Statutes Title 24-A Sec. 2241 Transfer agreement: means the agreement providing for transfer of structured settlement payment rights from a payee to a transferee. See Maine Revised Statutes Title 24-A Sec. 2241 Transferee: means a person that becomes entitled to receive structured settlement payment rights as a result of a transfer agreement. See Maine Revised Statutes Title 24-A Sec. 2241 Trustee: A person or institution holding and administering property in trust. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72