407.1060. As used in sections 407.1060 to 407.1068, the followingterms mean:
(1) "Annuity issuer", an insurer that has issued an annuity contractto be used to fund periodic payments pursuant to a structured settlement;
(2) "Code", the United States Internal Revenue Code, United StatesCode Title 26, as amended from time to time;
(3) "Discounted present value", the fair present value of futurepayments, as determined by discounting such payments to the present usingthe most recently published applicable federal rate for determining thepresent value of an annuity, as issued by the United States InternalRevenue Service;
(4) "Disinterested counsel", legal counsel that has no businessrelationship with any transferee of structured settlement payment rights,will not receive any compensation directly or indirectly from any suchtransferee in connection with representing the payee, and whosecompensation for representing the payee will not be affected by whether thetransfer occurs or does not occur;
(5) "Interested parties", with respect to any structured settlement,the payee, any named beneficiary designated in the annuity contract orstructured settlement to receive payments following the payee's death, or,if the named beneficiary is a minor, the named beneficiary's parent orguardian, the annuity issuer, and the structured settlement obligor;
(6) "Payee", an individual who is receiving tax-free damage paymentspursuant to a structured settlement and who wants to make a transfer ofpayment rights pursuant to the structured settlement agreement;
(7) "Qualified assignment agreement", an agreement providing for aqualified assignment within the meaning of Section 130 of the InternalRevenue Code, 26 U.S.C. Sec. 130, as amended from time to time;
(8) "Settled claim", the original tort claim resolved by a structuredsettlement;
(9) "Structured settlement", an arrangement established by:
(a) a. Judgment or agreement in resolution of a tort claim providingfor the periodic payment of damages excludable from the gross income of therecipient pursuant to Section 104(a)(2) of the Code; or
b. Agreement for the periodic payment of compensation pursuant to anyworkers' compensation act that is excludable from the gross income of therecipient pursuant to Section 104(a)(1) of the Code and which may beassigned pursuant to state law; and
(b) Where the periodic payments are:
a. Of the character described in subparagraphs (A) and (B) of Section130(c)(2) of the Code; and
b. Payable by a person who is a party to the suit or agreement or tothe workers' compensation claim or by a person who has assumed theliability for such periodic payments pursuant to a qualified assignment inaccordance with Section 130 of the Code;
(10) "Structured settlement obligor", with respect to any structuredsettlement, the party that has the continuing periodic payment obligationto the payee pursuant to a structured settlement agreement or a qualifiedassignment agreement;
(11) "Structured settlement payment rights", rights to receiveperiodic payments, including lump sum payments pursuant to a structuredsettlement, whether from the settlement obligor or the annuity issuer,where:
(a) The payee is domiciled in this state; or
(b) The structured settlement was approved by a court of this state;
(12) "Transfer", any sale, assignment, pledge, hypothecation, orother form of alienation or encumbrance made for consideration;
(13) "Transfer agreement", the agreement providing for transfer ofstructured settlement payment rights from a payee to a transferee;
(14) "Transferee", a party acquiring or proposing to acquirestructured settlement payment rights through a transfer from a payee.
407.1060. As used in sections 407.1060 to 407.1068, the followingterms mean:
(1) "Annuity issuer", an insurer that has issued an annuity contractto be used to fund periodic payments pursuant to a structured settlement;
(2) "Code", the United States Internal Revenue Code, United StatesCode Title 26, as amended from time to time;
(3) "Discounted present value", the fair present value of futurepayments, as determined by discounting such payments to the present usingthe most recently published applicable federal rate for determining thepresent value of an annuity, as issued by the United States InternalRevenue Service;
(4) "Disinterested counsel", legal counsel that has no businessrelationship with any transferee of structured settlement payment rights,will not receive any compensation directly or indirectly from any suchtransferee in connection with representing the payee, and whosecompensation for representing the payee will not be affected by whether thetransfer occurs or does not occur;
(5) "Interested parties", with respect to any structured settlement,the payee, any named beneficiary designated in the annuity contract orstructured settlement to receive payments following the payee's death, or,if the named beneficiary is a minor, the named beneficiary's parent orguardian, the annuity issuer, and the structured settlement obligor;
(6) "Payee", an individual who is receiving tax-free damage paymentspursuant to a structured settlement and who wants to make a transfer ofpayment rights pursuant to the structured settlement agreement;
(7) "Qualified assignment agreement", an agreement providing for aqualified assignment within the meaning of Section 130 of the InternalRevenue Code, 26 U.S.C. Sec. 130, as amended from time to time;
(8) "Settled claim", the original tort claim resolved by a structuredsettlement;
(9) "Structured settlement", an arrangement established by:
(a) a. Judgment or agreement in resolution of a tort claim providingfor the periodic payment of damages excludable from the gross income of therecipient pursuant to Section 104(a)(2) of the Code; or
b. Agreement for the periodic payment of compensation pursuant to anyworkers' compensation act that is excludable from the gross income of therecipient pursuant to Section 104(a)(1) of the Code and which may beassigned pursuant to state law; and
(b) Where the periodic payments are:
a. Of the character described in subparagraphs (A) and (B) of Section130(c)(2) of the Code; and
b. Payable by a person who is a party to the suit or agreement or tothe workers' compensation claim or by a person who has assumed theliability for such periodic payments pursuant to a qualified assignment inaccordance with Section 130 of the Code;
(10) "Structured settlement obligor", with respect to any structuredsettlement, the party that has the continuing periodic payment obligationto the payee pursuant to a structured settlement agreement or a qualifiedassignment agreement;
(11) "Structured settlement payment rights", rights to receiveperiodic payments, including lump sum payments pursuant to a structuredsettlement, whether from the settlement obligor or the annuity issuer,where:
(a) The payee is domiciled in this state; or
(b) The structured settlement was approved by a court of this state;
(12) "Transfer", any sale, assignment, pledge, hypothecation, orother form of alienation or encumbrance made for consideration;
(13) "Transfer agreement", the agreement providing for transfer ofstructured settlement payment rights from a payee to a transferee;
(14) "Transferee", a party acquiring or proposing to acquirestructured settlement payment rights through a transfer from a payee.
407.1060. As used in sections 407.1060 to 407.1068, the followingterms mean:
(1) "Annuity issuer", an insurer that has issued an annuity contractto be used to fund periodic payments pursuant to a structured settlement;
(2) "Code", the United States Internal Revenue Code, United StatesCode Title 26, as amended from time to time;
(3) "Discounted present value", the fair present value of futurepayments, as determined by discounting such payments to the present usingthe most recently published applicable federal rate for determining thepresent value of an annuity, as issued by the United States InternalRevenue Service;
(4) "Disinterested counsel", legal counsel that has no businessrelationship with any transferee of structured settlement payment rights,will not receive any compensation directly or indirectly from any suchtransferee in connection with representing the payee, and whosecompensation for representing the payee will not be affected by whether thetransfer occurs or does not occur;
(5) "Interested parties", with respect to any structured settlement,the payee, any named beneficiary designated in the annuity contract orstructured settlement to receive payments following the payee's death, or,if the named beneficiary is a minor, the named beneficiary's parent orguardian, the annuity issuer, and the structured settlement obligor;
(6) "Payee", an individual who is receiving tax-free damage paymentspursuant to a structured settlement and who wants to make a transfer ofpayment rights pursuant to the structured settlement agreement;
(7) "Qualified assignment agreement", an agreement providing for aqualified assignment within the meaning of Section 130 of the InternalRevenue Code, 26 U.S.C. Sec. 130, as amended from time to time;
(8) "Settled claim", the original tort claim resolved by a structuredsettlement;
(9) "Structured settlement", an arrangement established by:
(a) a. Judgment or agreement in resolution of a tort claim providingfor the periodic payment of damages excludable from the gross income of therecipient pursuant to Section 104(a)(2) of the Code; or
b. Agreement for the periodic payment of compensation pursuant to anyworkers' compensation act that is excludable from the gross income of therecipient pursuant to Section 104(a)(1) of the Code and which may beassigned pursuant to state law; and
(b) Where the periodic payments are:
a. Of the character described in subparagraphs (A) and (B) of Section130(c)(2) of the Code; and
b. Payable by a person who is a party to the suit or agreement or tothe workers' compensation claim or by a person who has assumed theliability for such periodic payments pursuant to a qualified assignment inaccordance with Section 130 of the Code;
(10) "Structured settlement obligor", with respect to any structuredsettlement, the party that has the continuing periodic payment obligationto the payee pursuant to a structured settlement agreement or a qualifiedassignment agreement;
(11) "Structured settlement payment rights", rights to receiveperiodic payments, including lump sum payments pursuant to a structuredsettlement, whether from the settlement obligor or the annuity issuer,where:
(a) The payee is domiciled in this state; or
(b) The structured settlement was approved by a court of this state;
(12) "Transfer", any sale, assignment, pledge, hypothecation, orother form of alienation or encumbrance made for consideration;
(13) "Transfer agreement", the agreement providing for transfer ofstructured settlement payment rights from a payee to a transferee;
(14) "Transferee", a party acquiring or proposing to acquirestructured settlement payment rights through a transfer from a payee.
