Get A LUMP SUM for Your Structured Settlement

< Back to Previous Page

2008 Minnesota Structured Settlement Statutes Definitions

Subdivision 1.Application.For purposes of sections 549.30 to 549.34, the terms defined in this section have the meanings given them. Subd. 2.Annuity issuer."Annuity issuer" means an insurer that has issued an annuity contract to be used to fund periodic payments under a structured settlement. Subd. 3.Applicable law."Applicable law" means: (1) the laws of the United States; (2) the laws of this state, including principles of equity applied in the courts of this state; and (3) the laws of any other jurisdiction: (i) which is the domicile of the payee or any other interested party; (ii) under whose laws a structured settlement agreement was approved by a court or responsible administrative authority; or (iii) in whose courts a settled claim was pending when the parties entered into a structured settlement agreement. Subd. 4.Dependents."Dependents" means a payee's spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including spousal maintenance. Subd. 5.Discounted present value."Discounted present value" means, with respect to a proposed transfer of structured settlement payment rights, the fair present value of future payments, as 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. Subd. 6.Independent professional advice."Independent professional advice" means advice of an attorney, certified public accountant, actuary, or other professional adviser: (1) who is engaged by a payee to render advice concerning the legal, tax, and financial implications of a transfer of structured settlement payment rights; (2) who is not in any manner affiliated with or compensated by the transferee of the transfer; and (3) whose compensation for providing the advice is not affected by whether a transfer occurs or does not occur.

 

Subd. 7.Interested parties."Interested parties" means the payee, a beneficiary designated under the annuity contract to receive payments following the payee's death or, if the designated beneficiary is a minor, the designated beneficiary's parent or guardian, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under the structured settlement. Subd. 8.Payee."Payee" means an individual who is receiving tax free damage payments under a structured settlement and proposes to make a transfer of payment rights under the structured settlement. Subd. 9.Qualified assignment agreement."Qualified assignment agreement" means an agreement providing for a qualified assignment as provided by the United States Internal Revenue Code, title 26, section 130, as amended through December 31, 1998. Subd. 10.Responsible administrative authority."Responsible administrative authority" means a government authority vested by law with exclusive jurisdiction over the settled claim resolved by the structured settlement. Subd. 11.Settled claim."Settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement. Subd. 12.Structured settlement."Structured settlement" means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim.

Read More ar Minnesota State Web site>

 

---

Click below links to find structured settlement local information by state.