"Annuity issuer" means an insurer that has issued a contract to fundperiodic payments under a structured settlement.
"Dependents" include a payee's spouse and minor children and all otherpersons for whom the payee is legally obligated to provide support, includingalimony.
"Discounted present value" means the present value of future paymentsdetermined by discounting such payments to the present using the mostrecently published Applicable Federal Rate for determining the present valueof an annuity, as issued by the United States Internal Revenue Service.
"Gross advance amount" means the sum payable to the payee or for thepayee's account as consideration for a transfer of structured settlementpayment rights before any reductions for transfer expenses or otherdeductions to be made from such consideration.
"Independent professional advice" means advice of an attorney, certifiedpublic accountant, actuary or other licensed professional adviser.
"Interested parties" means, with respect to any structured settlement, thepayee, any beneficiary irrevocably designated under the annuity contract toreceive payments following the payee's death, the annuity issuer, thestructured settlement obligor, and any other party that has continuing rightsor obligations under such structured settlement.
"Net advance amount" means the gross advance amount less the aggregateamount of the actual and estimated transfer expenses required to be disclosedunder subdivision 5 of § 59.1-475.1.
"Payee" means an individual who is receiving tax free payments under astructured settlement and proposes to make a transfer of payment rightsthereunder.
"Periodic payments" includes both recurring payments and scheduled futurelump sum payments.
"Qualified assignment agreement" means an agreement providing for aqualified assignment within the meaning of § 130 of the United StatesInternal Revenue Code, United States Code Title 26, as amended from time totime.
"Responsible administrative authority" means, with respect to a structuredsettlement, any governmental authority vested by law with exclusivejurisdiction over the settled claim resolved by such structured settlement.
"Settled claim" means the original tort claim resolved by a structuredsettlement.
"Structured settlement" means an arrangement for periodic payment ofdamages for personal injuries or sickness established by settlement orjudgment in resolution of a tort claim.
"Structured settlement agreement" means the agreement, judgment,stipulation, or release embodying the terms of a structured settlement.
"Structured settlement obligor" means, with respect to any structuredsettlement, the party that has the continuing obligation to make periodicpayments to the payee under a structured settlement agreement or a qualifiedassignment agreement.
"Structured settlement payment rights" means rights to receive periodicpayments under a structured settlement, whether from the structuredsettlement obligor or the annuity issuer, where the payee is domiciled in, orthe domicile or principal place of business of the structured settlementobligor or the annuity issuer is located in, this Commonwealth; or thestructured settlement agreement was approved by a court or responsibleadministrative authority in this Commonwealth; or the structured settlementagreement is expressly governed by the laws of this Commonwealth.
"Terms of the structured settlement" include, with respect to anystructured settlement, the terms of the structured settlement agreement, theannuity contract, any qualified assignment agreement, and any order or otherapproval of any court or responsible administrative authority or othergovernment authority that authorized or approved such structured settlement.
"Transfer" means any sale, assignment, pledge, hypothecation, or otheralienation or encumbrance of structured settlement payment rights made by apayee for consideration; however, the term "transfer" shall not include thecreation or perfection of a security interest in structured settlementpayment rights under a blanket security agreement entered into with aninsured depository institution, in the absence of any action to redirect thestructured settlement payments to such insured depository institution, or anagent or successor in interest thereof, or otherwise to enforce such blanketsecurity interest against the structured settlement payment rights.
"Transfer agreement" means the agreement providing for transfer ofstructured settlement payment rights.
"Transfer expenses" means all expenses of a transfer that are requiredunder the transfer agreement to be paid by the payee or deducted from thegross advance amount, including, without limitation, court filing fees,attorneys' fees, escrow fees, lien recordation fees, judgment and lien searchfees, finders' fees, commissions, and other payments to a broker or otherintermediary; however, "transfer expenses" shall not include preexistingobligations of the payee payable for the payee's account from the proceeds ofa transfer.
"Transferee" means a party acquiring or proposing to acquire structuredsettlement payment rights through a transfer.
"Annuity issuer" means an insurer that has issued a contract to fundperiodic payments under a structured settlement.
"Dependents" include a payee's spouse and minor children and all otherpersons for whom the payee is legally obligated to provide support, includingalimony.
"Discounted present value" means the present value of future paymentsdetermined by discounting such payments to the present using the mostrecently published Applicable Federal Rate for determining the present valueof an annuity, as issued by the United States Internal Revenue Service.
"Gross advance amount" means the sum payable to the payee or for thepayee's account as consideration for a transfer of structured settlementpayment rights before any reductions for transfer expenses or otherdeductions to be made from such consideration.
"Independent professional advice" means advice of an attorney, certifiedpublic accountant, actuary or other licensed professional adviser.
"Interested parties" means, with respect to any structured settlement, thepayee, any beneficiary irrevocably designated under the annuity contract toreceive payments following the payee's death, the annuity issuer, thestructured settlement obligor, and any other party that has continuing rightsor obligations under such structured settlement.
"Net advance amount" means the gross advance amount less the aggregateamount of the actual and estimated transfer expenses required to be disclosedunder subdivision 5 of § 59.1-475.1.
"Payee" means an individual who is receiving tax free payments under astructured settlement and proposes to make a transfer of payment rightsthereunder.
"Periodic payments" includes both recurring payments and scheduled futurelump sum payments.
"Qualified assignment agreement" means an agreement providing for aqualified assignment within the meaning of § 130 of the United StatesInternal Revenue Code, United States Code Title 26, as amended from time totime.
"Responsible administrative authority" means, with respect to a structuredsettlement, any governmental authority vested by law with exclusivejurisdiction over the settled claim resolved by such structured settlement.
"Settled claim" means the original tort claim resolved by a structuredsettlement.
"Structured settlement" means an arrangement for periodic payment ofdamages for personal injuries or sickness established by settlement orjudgment in resolution of a tort claim.
"Structured settlement agreement" means the agreement, judgment,stipulation, or release embodying the terms of a structured settlement.
"Structured settlement obligor" means, with respect to any structuredsettlement, the party that has the continuing obligation to make periodicpayments to the payee under a structured settlement agreement or a qualifiedassignment agreement.
"Structured settlement payment rights" means rights to receive periodicpayments under a structured settlement, whether from the structuredsettlement obligor or the annuity issuer, where the payee is domiciled in, orthe domicile or principal place of business of the structured settlementobligor or the annuity issuer is located in, this Commonwealth; or thestructured settlement agreement was approved by a court or responsibleadministrative authority in this Commonwealth; or the structured settlementagreement is expressly governed by the laws of this Commonwealth.
"Terms of the structured settlement" include, with respect to anystructured settlement, the terms of the structured settlement agreement, theannuity contract, any qualified assignment agreement, and any order or otherapproval of any court or responsible administrative authority or othergovernment authority that authorized or approved such structured settlement.
"Transfer" means any sale, assignment, pledge, hypothecation, or otheralienation or encumbrance of structured settlement payment rights made by apayee for consideration; however, the term "transfer" shall not include thecreation or perfection of a security interest in structured settlementpayment rights under a blanket security agreement entered into with aninsured depository institution, in the absence of any action to redirect thestructured settlement payments to such insured depository institution, or anagent or successor in interest thereof, or otherwise to enforce such blanketsecurity interest against the structured settlement payment rights.
"Transfer agreement" means the agreement providing for transfer ofstructured settlement payment rights.
"Transfer expenses" means all expenses of a transfer that are requiredunder the transfer agreement to be paid by the payee or deducted from thegross advance amount, including, without limitation, court filing fees,attorneys' fees, escrow fees, lien recordation fees, judgment and lien searchfees, finders' fees, commissions, and other payments to a broker or otherintermediary; however, "transfer expenses" shall not include preexistingobligations of the payee payable for the payee's account from the proceeds ofa transfer.
"Transferee" means a party acquiring or proposing to acquire structuredsettlement payment rights through a transfer.
"Annuity issuer" means an insurer that has issued a contract to fundperiodic payments under a structured settlement.
"Dependents" include a payee's spouse and minor children and all otherpersons for whom the payee is legally obligated to provide support, includingalimony.
"Discounted present value" means the present value of future paymentsdetermined by discounting such payments to the present using the mostrecently published Applicable Federal Rate for determining the present valueof an annuity, as issued by the United States Internal Revenue Service.
"Gross advance amount" means the sum payable to the payee or for thepayee's account as consideration for a transfer of structured settlementpayment rights before any reductions for transfer expenses or otherdeductions to be made from such consideration.
"Independent professional advice" means advice of an attorney, certifiedpublic accountant, actuary or other licensed professional adviser.
"Interested parties" means, with respect to any structured settlement, thepayee, any beneficiary irrevocably designated under the annuity contract toreceive payments following the payee's death, the annuity issuer, thestructured settlement obligor, and any other party that has continuing rightsor obligations under such structured settlement.
"Net advance amount" means the gross advance amount less the aggregateamount of the actual and estimated transfer expenses required to be disclosedunder subdivision 5 of § 59.1-475.1.
"Payee" means an individual who is receiving tax free payments under astructured settlement and proposes to make a transfer of payment rightsthereunder.
"Periodic payments" includes both recurring payments and scheduled futurelump sum payments.
"Qualified assignment agreement" means an agreement providing for aqualified assignment within the meaning of § 130 of the United StatesInternal Revenue Code, United States Code Title 26, as amended from time totime.
"Responsible administrative authority" means, with respect to a structuredsettlement, any governmental authority vested by law with exclusivejurisdiction over the settled claim resolved by such structured settlement.
"Settled claim" means the original tort claim resolved by a structuredsettlement.
"Structured settlement" means an arrangement for periodic payment ofdamages for personal injuries or sickness established by settlement orjudgment in resolution of a tort claim.
"Structured settlement agreement" means the agreement, judgment,stipulation, or release embodying the terms of a structured settlement.
"Structured settlement obligor" means, with respect to any structuredsettlement, the party that has the continuing obligation to make periodicpayments to the payee under a structured settlement agreement or a qualifiedassignment agreement.
"Structured settlement payment rights" means rights to receive periodicpayments under a structured settlement, whether from the structuredsettlement obligor or the annuity issuer, where the payee is domiciled in, orthe domicile or principal place of business of the structured settlementobligor or the annuity issuer is located in, this Commonwealth; or thestructured settlement agreement was approved by a court or responsibleadministrative authority in this Commonwealth; or the structured settlementagreement is expressly governed by the laws of this Commonwealth.
"Terms of the structured settlement" include, with respect to anystructured settlement, the terms of the structured settlement agreement, theannuity contract, any qualified assignment agreement, and any order or otherapproval of any court or responsible administrative authority or othergovernment authority that authorized or approved such structured settlement.
"Transfer" means any sale, assignment, pledge, hypothecation, or otheralienation or encumbrance of structured settlement payment rights made by apayee for consideration; however, the term "transfer" shall not include thecreation or perfection of a security interest in structured settlementpayment rights under a blanket security agreement entered into with aninsured depository institution, in the absence of any action to redirect thestructured settlement payments to such insured depository institution, or anagent or successor in interest thereof, or otherwise to enforce such blanketsecurity interest against the structured settlement payment rights.
"Transfer agreement" means the agreement providing for transfer ofstructured settlement payment rights.
"Transfer expenses" means all expenses of a transfer that are requiredunder the transfer agreement to be paid by the payee or deducted from thegross advance amount, including, without limitation, court filing fees,attorneys' fees, escrow fees, lien recordation fees, judgment and lien searchfees, finders' fees, commissions, and other payments to a broker or otherintermediary; however, "transfer expenses" shall not include preexistingobligations of the payee payable for the payee's account from the proceeds ofa transfer.
"Transferee" means a party acquiring or proposing to acquire structuredsettlement payment rights through a transfer.
