§ 2241 Definitions
§ 2242 Notice and registration requirements of transferees of structured settlements
§ 2243 Transfer of structured settlement payment rights
§ 2244 Jurisdiction; filing
§ 2245 Prohibitions
§ 2246 Construction

Terms Used In Maine Revised Statutes > Title 24-A > Chapter 24-A

  • 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 39-A Sec. 309
  • 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 39-A Sec. 309
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Board: means the Workers' Compensation Board created by section 151 and includes a designee of the board. See Maine Revised Statutes Title 39-A Sec. 102
  • Board member: means any member of the board, including the executive director. See Maine Revised Statutes Title 39-A Sec. 102
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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 39-A Sec. 309
  • 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 39-A Sec. 309
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Employee: includes officials of the State and officials of counties, cities, towns, water districts and all other quasi-public corporations of a similar character, every duly elected or appointed executive officer of a private corporation other than a charitable, religious, educational or other nonprofit corporation, and every person in the service of another under any contract of hire, express or implied, oral or written, except:
  • (1) Persons engaged in maritime employment or in interstate or foreign commerce who are within the exclusive jurisdiction of admiralty law or the laws of the United States, except that this section may not be construed to exempt from the definition of "employee" a person who is employed by the State and is thereby barred by the State's sovereign immunity from bringing a claim against that person's employer under admiralty law or other laws of the United States for claims that are otherwise cognizable under this Act;
    (2) Firefighters, including volunteer firefighters who are active members of a volunteer fire association as defined in Title 30-A, section 3151; volunteer emergency medical services persons as defined in Title 32, section 83, subsection 12; and police officers are employees within the meaning of this Act. See Maine Revised Statutes Title 39-A Sec. 102
  • employer: includes :
  • A. See Maine Revised Statutes Title 39-A Sec. 102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair market value: means the value of an organization or an affiliate or the value of the assets of such an entity determined as if the entity had voting stock outstanding and 100% of its stock were freely transferrable and available for purchase without restrictions. See Maine Revised Statutes Title 38 Sec. 2221
  • 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 39-A Sec. 309
  • Fraud: Intentional deception resulting in injury to another.
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 15 Sec. 225
  • Independent professional advice: means advice of an attorney, certified public accountant, actuary or other licensed professional advisor:
  • A. See Maine Revised Statutes Title 39-A Sec. 309
  • Insurance company: means any casualty insurance company or association authorized to do business in this State that may issue policies conforming to subsection 19 and includes the Maine Employers' Mutual Insurance Company. See Maine Revised Statutes Title 39-A Sec. 102
  • Interested 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 39-A Sec. 309
  • 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 15 Sec. 225
  • 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.
  • organization: means a corporation or other entity authorized by the superintendent or organized pursuant to this chapter for the purpose of providing nonprofit hospital service plans within the meaning of subsection 1, nonprofit medical service plans within the meaning of subsection 2 and any organization that provides only nonprofit health care plans within the meaning of subsection 3. See Maine Revised Statutes Title 38 Sec. 2221
  • 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 39-A Sec. 309
  • 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 39-A Sec. 309
  • 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: 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 39-A Sec. 309
  • 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 39-A Sec. 309
  • 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 39-A Sec. 309
  • Subpoena: A command to a witness to appear and give testimony.
  • superintendent: means the Superintendent of Insurance of this State; and
  • [ 1993, c. See Maine Revised Statutes Title 38 Sec. 2221
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • 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 39-A Sec. 309
  • Transfer agreement: means the agreement providing for transfer of structured settlement payment rights from a payee to a transferee. See Maine Revised Statutes Title 39-A Sec. 309
  • 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 39-A Sec. 309
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 15 Sec. 225
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 15 Sec. 225