§ 15-50-10 Short title
§ 15-50-20 Definitions
§ 15-50-30 Transfer agreements; disclosure statements
§ 15-50-40 Direct or indirect transfer of payment rights; approval by final court order
§ 15-50-50 Rights and obligations of structured settlement obligor, annuity issuer and transferee
§ 15-50-60 Application for approval of transfer; notice of hearing
§ 15-50-70 Scope of transfer agreement

Terms Used In South Carolina Code > Title 15 > Chapter 50 - Structured Settlement Protection Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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.
  • 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 a contract to fund periodic payments under a structured settlement. See South Carolina Code 15-50-20
  • 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
  • Chambers: A judge's office.
  • 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 South Carolina Department of Revenue. See South Carolina Code 12-2-10
  • Dependent: A person dependent for support upon another.
  • Dependents: include a payee's spouse and minor children and all other persons for whom the payee legally is obligated to provide support, including alimony. See South Carolina Code 15-50-20
  • 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 South Carolina Code 15-50-20
  • Donee: The recipient of a gift.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • 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 a reduction for transfer expenses or other deduction is made from the consideration. See South Carolina Code 15-50-20
  • Independent professional advice: means advice of an attorney, certified public accountant, actuary, or other licensed professional advisor. See South Carolina Code 15-50-20
  • individual: means a human being. See South Carolina Code 12-2-20
  • Interested parties: means , with respect to a structured settlement, the payee, a beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and another party that has continuing rights or obligations under the structured settlement. See South Carolina Code 15-50-20
  • 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.
  • 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
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Net advance amount: means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses that must be disclosed pursuant to Section 15-50-30(5). See South Carolina Code 15-50-20
  • 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.
  • Payee: means an individual who is receiving tax-free payments under a structured settlement and who proposes to make a transfer of payment rights under the settlement. See South Carolina Code 15-50-20
  • Periodic payments: includes recurring payments and scheduled future lump-sum payments. See South Carolina Code 15-50-20
  • person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and

    (2) "individual" means a human being. See South Carolina Code 12-2-20
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Qualified 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 South Carolina Code 15-50-20
  • 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.
  • Statute: A law passed by a legislature.
  • 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 South Carolina Code 15-50-20
  • Structured settlement agreement: means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement. See South Carolina Code 15-50-20
  • Structured settlement obligor: means , with respect to a 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 South Carolina Code 15-50-20
  • Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, if the:

    (a) 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; or

    (b) structured settlement agreement was approved by a court in this State; or

    (c) structured settlement agreement is governed expressly by the laws of this State. See South Carolina Code 15-50-20
  • Terms of the structured settlement: include the terms of the structured settlement agreement, the annuity contract, a qualified assignment agreement, and an order or other approval of a court. See South Carolina Code 15-50-20
  • 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 the sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; except that the term "transfer" does 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 an action to redirect the structured settlement payments to the insured depository institution, or an agent or successor in interest of it, or otherwise to enforce the blanket security interest against the structured settlement payment rights. See South Carolina Code 15-50-20
  • Transfer agreement: means the agreement providing for a transfer of structured settlement payment rights. See South Carolina Code 15-50-20
  • 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, finder's fees, commissions, and other payments to a broker or other intermediary. See South Carolina Code 15-50-20
  • Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See South Carolina Code 15-50-20
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
  • Venue: The geographical location in which a case is tried.