As used in this chapter, unless the context requires a different meaning:

Terms Used In Virginia Code 3.2-3100

  • Agreement: means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. See Virginia Code 3.2-3100
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
  • Commission: means the Tobacco Region Revitalization Commission created pursuant to § 3. See Virginia Code 3.2-3100
  • Commission Allocation: means 50 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for a sale of such allocation pursuant to an agreement, between the commencing and ending dates specified in the agreement. See Virginia Code 3.2-3100
  • Corporation: means the Tobacco Settlement Financing Corporation as created under state law. See Virginia Code 3.2-3100
  • 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.
  • Endowment: means the Tobacco Indemnification and Community Revitalization Endowment established pursuant to § 3. See Virginia Code 3.2-3100
  • Fund: means the Tobacco Indemnification and Community Revitalization Fund established pursuant to § 3. See Virginia Code 3.2-3100
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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 a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
  • Strategic Plan: means the strategic plan required pursuant to subsection C of § 3. See Virginia Code 3.2-3100
  • Tobacco Assets: means all right, title, and interest in and to the portion of the Commission Allocation that may be sold to the Corporation. See Virginia Code 3.2-3100
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255

“Active tobacco producer” means a person actively engaged in planting, growing, harvesting, and marketing of flue-cured or burley tobacco, or who shares in the variable expenses of producing the crop.

“Agreement” means the agreement or agreements between the Commonwealth, as seller of the Tobacco Assets, and the Corporation, as purchaser of the Tobacco Assets. The sale by the Commonwealth of the Tobacco Assets pursuant to any such agreement shall be a true sale and not a borrowing.

“Commission” means the Tobacco Region Revitalization Commission created pursuant to § 3.2-3101.

“Commission Allocation” means 50 percent of the annual amount received under the Master Settlement Agreement by the Commonwealth, or that would have been received but for a sale of such allocation pursuant to an agreement, between the commencing and ending dates specified in the agreement.

“Corporation” means the Tobacco Settlement Financing Corporation as created under state law.

“Endowment” means the Tobacco Indemnification and Community Revitalization Endowment established pursuant to § 3.2-3104.

“Fund” means the Tobacco Indemnification and Community Revitalization Fund established pursuant to § 3.2-3106.

“Master Settlement Agreement” means the settlement agreement and related documents between the Commonwealth and leading United States tobacco product manufacturers dated November 23, 1998, and including the Consent Decree and Final Judgment entered in the Circuit Court of the City of Richmond on February 23, 1999, Chancery Number HJ-2241-4.

“Period of sale” means the time during which a purchaser under an agreement is entitled to receive the Commission Allocation.

“Strategic Plan” means the strategic plan required pursuant to subsection C of § 3.2-3103.

“Tobacco Assets” means all right, title, and interest in and to the portion of the Commission Allocation that may be sold to the Corporation.

1999, cc. 880, 962, § 9-380; 2001, cc. 807, 844, § 3.1-1106; 2002, cc. 482, 488; 2008, c. 860; 2015, cc. 399, 433.