The following definitions apply in this Part:

(1)        Brand family. – All styles of cigarettes sold under the same trademark and differentiated from one another by means of additional modifiers including, but not limited to, “menthol”, “lights”, “kings”, and “100s”.

(2)        Escrow agreement. – An agreement by which a qualified escrow fund is created and maintained.

(3)        Nonparticipating manufacturer. – A tobacco product manufacturer that is not a participating manufacturer.

(4)        Participating manufacturer. – Defined in subsection II(jj) of the Master Settlement Agreement. (2002-145, s. 3.)

Terms Used In North Carolina General Statutes 66-292

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Qualified escrow fund: means an escrow arrangement with a federally or State chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars ($1,000,000,000) where such arrangement requires that such financial institution hold the escrowed funds' principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds' principal except as consistent with N. See North Carolina General Statutes 66-290
  • 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.
  • Tobacco Product Manufacturer: means an entity that after the effective date of this Article directly (and not exclusively through any affiliate):

    a. See North Carolina General Statutes 66-290

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