As used in this chapter:
- “Consumer” means any natural person who resides, is present or is domiciled in this state, or who is or may become a plaintiff or complainant in a dispute in this state;
- “Litigation financier” means a person, entity or partnership engaged in the business of litigation financing; and
- “Litigation financing” or “litigation financing transaction”:
- Means a non-recourse transaction in which financing is provided to a consumer in return for a consumer assigning to the litigation financier a contingent right to receive an amount of the potential proceeds of the consumer’s judgment, award, settlement or verdict obtained with respect to the consumer’s legal claim; and
- Does not include:
- Legal services provided on a contingency fee basis, or advanced legal costs, where such services or costs are provided to or on behalf of a consumer by an attorney representing the consumer in the dispute and in accordance with the Tennessee Rules of Professional Conduct;
- A commercial tort claim as defined by Â§ 47-9-102; or
- A claim under the Workers’ Compensation Law, compiled in title 50, chapter 6.
Terms Used In Tennessee Code 47-16-102
- Consumer: means any natural person who resides, is present or is domiciled in this state, or who is or may become a plaintiff or complainant in a dispute in this state. See Tennessee Code 47-16-102
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Litigation financier: means a person, entity or partnership engaged in the business of litigation financing. See Tennessee Code 47-16-102
- 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: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Plaintiff: The person who files the complaint in a civil lawsuit.
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- 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.
- Verdict: The decision of a petit jury or a judge.