Maine Revised Statutes > Title 24-A > Chapter 85 – Viatical and Life Settlements Act
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 85 - Viatical and Life Settlements Act
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Advertising: means any written, electronic or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet or a similar communications medium, including film strips, motion pictures and videos, published, disseminated, circulated or placed before the public, directly or indirectly, for the purpose of creating an interest in or inducing a person to sell a life insurance policy pursuant to a settlement contract. See Maine Revised Statutes Title 24-A Sec. 6802-A
- Allegation: something that someone says happened.
- 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.
- 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.
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Bequeath: To gift property by will.
- Bequest: Property gifted by will.
- Business: shall mean any lawful activity, excepting a farm operation conducted primarily:
A. See Maine Revised Statutes Title 23 Sec. 242Business of settlements: means any activity involved in, but not limited to, the offering, solicitation, negotiation, procurement, effectuation, purchasing, financing, monitoring, tracking, underwriting, selling, transferring, assigning, pledging, hypothecating or in any other manner engaging in the business of settlement contracts. See Maine Revised Statutes Title 24-A Sec. 6802-A check: means a check, draft or order for the payment of money. See Maine Revised Statutes Title 14 Sec. 6071 Chronically ill: means :
A. See Maine Revised Statutes Title 24-A Sec. 6802-ACivil forfeiture: The loss of ownership of property used to conduct illegal activity. 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. Comparable replacement dwelling: means any dwelling that is:
A. See Maine Revised Statutes Title 23 Sec. 242Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. Department: means the Department of Transportation. See Maine Revised Statutes Title 23 Sec. 242 Devise: To gift property by will. Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Displaced person: means :
(1) Any person who moves from real property or moves that person's personal property from real property:
(a) As a direct result of a written notice of intent to acquire or the acquisition of that real property in whole or in part for a program or project undertaken by the department; or
(b) On which the person is a residential tenant or conducts a small business, a farm operation or a business defined in subsection 2, as a direct result of rehabilitation, demolition or such other displacing activity as the department prescribes under a program or project undertaken by the department in any case in which the department determines that the displacement is permanent; and
(2) Solely for the purposes of section 243 and section 244, subsections 1 and 2, any person who moves from real property or moves that person's personal property from real property:
(a) As a direct result of a written notice of intent to acquire or the acquisition of other real property, in whole or in part, on which the person conducts a business or farm operation, for a program or project undertaken by the department; or
(b) As a direct result of rehabilitation, demolition or such other displacing activity as the department prescribes of other real property on which the person conducts a business or a farm operation, under a program or project undertaken by the department where the department determines that the displacement is permanent. See Maine Revised Statutes Title 23 Sec. 242Docket: A log containing brief entries of court proceedings. Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. 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 Escrow: Money given to a third party to be held for payment until certain conditions are met. Executor: A male person named in a will to carry out the decedent Existing patronage: means either the volume of clientele or the annual net earnings for the 2 taxable years immediately prior to the taxable year in which the business was displaced. See Maine Revised Statutes Title 23 Sec. 242 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Farm operation: shall mean any activity conducted solely or primarily for the production of one or more agricultural products or commodities, including timber, for sale or home use, and customarily producing such products or commodities in sufficient quantity to be capable of contributing materially to the operator's support. See Maine Revised Statutes Title 23 Sec. 242 Federal agency: shall mean any department, agency or instrumentality in the executive branch of the Federal Government, except the National Capitol Housing Authority, any wholly-owned government corporation, except the District of Columbia Redevelopment Land Agency, and the Architect of the Capitol, the Federal Reserve Banks and branches thereof. See Maine Revised Statutes Title 23 Sec. 242 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Fiduciary: A trustee, executor, or administrator. Financing entity: means an underwriter, placement agent, lender, purchaser of securities, purchaser of a policy or certificate from a settlement provider, credit enhancer or any entity that has a direct ownership in a policy or certificate that is the subject of a settlement contract:
A. See Maine Revised Statutes Title 24-A Sec. 6802-AFinancing transaction: means any transaction in which a licensed settlement provider obtains financing for the purchase, acquisition, transfer or other assignment of one or more settlement contracts or policies acquired pursuant to a settlement contract or interests therein, including, without limitation, any secured or unsecured financing, securitization transaction or securities offering, either registered or exempt from registration under federal and state securities law, or otherwise sells, assigns, transfers, pledges, hypothecates or otherwise disposes of a settlement contract or policy acquired pursuant to a settlement contract or interest therein. See Maine Revised Statutes Title 24-A Sec. 6802-A Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fraud: Intentional deception resulting in injury to another. Fraudulent viatical or life settlement act: includes :
A. See Maine Revised Statutes Title 24-A Sec. 6802-AGift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 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 in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lien: A claim against real or personal property in satisfaction of a debt. Life expectancy evaluation: means any evaluation of the number of months the insured under the life insurance policy to be settled can be expected to live, or of the probability that the insured will live beyond a specified date, considering medical records and appropriate experiential data. See Maine Revised Statutes Title 24-A Sec. 6802-A Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Mortgage: shall mean such classes of liens as are commonly given to secure advances on, or the unpaid purchase price of, real property, under the laws of this State, together with the credit instruments, if any, secured thereby. See Maine Revised Statutes Title 23 Sec. 242 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72 Oath: A promise to tell the truth. 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. 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. Person: shall mean any individual, partnership, corporation or association. See Maine Revised Statutes Title 23 Sec. 242 Personal property: All property that is not real property. Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance affecting the rights of a resident of this State or bearing a reasonable relation to this State, regardless of whether delivered or issued for delivery in this State. See Maine Revised Statutes Title 24-A Sec. 6802-A Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Program or project: means any highway construction or related activity undertaken by the Department of Transportation on a state or state-aid highway and any other activity undertaken and authorized by law to be carried out by the department. See Maine Revised Statutes Title 23 Sec. 242 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 Related provider trust: means a titling trust or other trust established by a licensed settlement provider or a financing entity for the sole purpose of holding the ownership or beneficial interest in purchased policies in connection with a financing transaction. See Maine Revised Statutes Title 24-A Sec. 6802-A Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations. 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. Settlement contract: includes the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns such policy if the trust or other entity was formed or availed of for the principal purpose of acquiring one or more life insurance contracts, which life insurance contract insures the life of a person residing in this State. See Maine Revised Statutes Title 24-A Sec. 6802-A Settlement producer: means any person who has life insurance producer authority, who acts or aids in any manner in the soliciting of a settlement on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate settlement contracts between a viator and one or more settlement providers. See Maine Revised Statutes Title 24-A Sec. 6802-A Settlement provider: means a person other than the viator that enters into or effectuates a settlement contract. See Maine Revised Statutes Title 24-A Sec. 6802-A Small business: means any business having fewer than 500 employees working at the site being acquired or permanently displaced by a program or project. See Maine Revised Statutes Title 23 Sec. 242 Special purpose entity: means a corporation, partnership, trust, limited liability company or similar entity formed solely to provide either directly or indirectly access to institutional capital markets for a financing entity or licensed settlement provider. See Maine Revised Statutes Title 24-A Sec. 6802-A State agency: means any department, agency or instrumentality of this State or any political subdivision of this State, any department, agency or instrumentality of 2 or more states, or 2 more political subdivisions of the State or states and any person who has the authority to acquire property by eminent domain under state law. See Maine Revised Statutes Title 23 Sec. 242 Stranger-originated life insurance: includes , but is not limited to, cases in which life insurance is purchased with resources or guarantees from or through a person who, at the time of the inception of the policy, could not lawfully initiate the policy and when, at the time of policy inception, there is an arrangement or agreement to directly or indirectly transfer the ownership of the policy or the policy benefits to another person. See Maine Revised Statutes Title 24-A Sec. 6802-A Subpoena: A command to a witness to appear and give testimony. Terminally ill: means having an illness or sickness that can reasonably be expected to result in death within 24 months or less. See Maine Revised Statutes Title 24-A Sec. 6802-A 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. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Verdict: The decision of a petit jury or a judge. Viator: means a person who assigns, transfers, sells, devises or bequeaths or seeks to assign, transfer, sell, devise or bequeath a death benefit or ownership of a life insurance policy or certificate under a settlement contract. See Maine Revised Statutes Title 24-A Sec. 6802-A Writ: A formal written command, issued from the court, requiring the performance of a specific act.