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- Alaska Statutes.
- Title 9. Code of Civil Procedure
- Chapter 60. Costs and Attorney Fees; Settlements
- Section 230. Definitions.
previous: Section 220
. No Waiver and No Penalty.
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. Oath, Acknowledgment, and Other Proof
AS 09.60.230. Definitions.
In AS 09.60.200
- (1) "annuity issuer" means an insurer that has issued an annuity contract to be used to fund periodic payments under a
- (2) "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;
- (3) "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;
- (4) "independent professional advice" means advice of an attorney, certified public accountant, actuary, or other
- (A) who is engaged by a payee to render advice concerning the legal, tax, and financial implications of a transfer of
structured settlement payment rights;
- (B) who is not in any manner affiliated with or compensated by the transferee of the transfer; and
- (C) whose compensation for providing the advice is not affected by whether a transfer occurs or does not occur;
- (5) "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;
- (6) "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;
- (7) "qualified assignment agreement" means an agreement providing for a qualified assignment as provided by 26 U.S.C. 130
(United States Internal Revenue Code), as amended through December 31, 1998;
- (8) "settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement;
- (9) "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
- (10) "structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a
structured settlement, including the rights of the payee to receive periodic payments;
- (11) "structured settlement obligor" means the party that has the continuing periodic payment obligation to the payee under
a structured settlement agreement or a qualified assignment agreement;
- (12) "structured settlement payment rights" means rights to receive periodic payments, including lump-sum payments, under a
structured settlement, whether from the settlement obligor or the annuity issuer, where
- (A) the payee or any other interested party is domiciled in the state;
- (B) the structured settlement agreement was approved by a court in the state; or
- (C) the settled claim was pending before the courts of this state when the parties entered into the structured settlement
- (13) "terms of the structured settlement" means the terms of the structured settlement agreement, the annuity contract, a
qualified assignment agreement, and an order or approval of a court, responsible administrative authority, or other
government authority authorizing or approving the structured settlement;
- (14) "transfer" means a sale, assignment, pledge, hypothecation, or other form of alienation or encumbrance made by a payee
- (15) "transfer agreement" means the agreement providing for transfer of structured settlement payment rights from a payee
to a transferee;
- (16) "transferee" means a person who is receiving or will receive structured settlement payment rights resulting from a
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