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6-11-51
of Section 130 of the United States Internal Revenue Code, United States Code Title 26, as
amended from time to time. (11) RESPONSIBLE ADMINISTRATIVE AUTHORITY. With respect to a structured
settlement, any government authority vested by law with exclusive jurisdiction over the settled
claim resolved by such structured settlement. (12) SETTLED CLAIM. The original tort claim
resolved by a structured settlement. (13) STRUCTURED SETTLEMENT. An arrangement for periodic
payment of damages for personal injuries or sickness established by settlement or judgment
in resolution of a tort claim. (14) STRUCTURED SETTLEMENT AGREEMENT. The agreement, judgment,
stipulation, or release embodying the terms of a structured settlement. (15) STRUCTURED SETTLEMENT
OBLIGOR. With respect to any structured settlement, the party that has the continuing obligation
to make periodic payments to the payee under a structured settlement agreement or a qualified
assignment agreement. (16) STRUCTURED SETTLEMENT...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-51.htm - 5K - Match Info - Similar pages
6-11-54
Section 6-11-54 Effects of transfer of rights. (a) Following a transfer of structured settlement
payment rights under this article: (1) The structured settlement obligor and the annuity issuer
shall, as to all parties except the transferee, be discharged and released from any and all
liability for the transferred payments. (2) The transferee shall be liable to the structured
settlement obligor and the annuity issuer in the following cases: a. If the transfer contravenes
the terms of the structured settlement, for any federal or state income taxes, interest, fees,
and penalties incurred by the parties, including the annuity issuer and structured settlement
obligor, as a consequence of the transfer. b. For any other liabilities or costs, including
reasonable costs and attorneys' fees, arising from compliance by the parties with the order
of the court or responsible administrative authority or arising as a consequence of the transferee's
failure to comply with this article. (b) Neither...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-54.htm - 1K - Match Info - Similar pages
6-11-55
Section 6-11-55 Application for approval of transfer; notice. (a) An application under this
article for approval of a transfer of structured settlement payment rights shall be made by
the transferee and may be brought in the county in which the payee resides, in the county
in which the structured settlement obligor or the annuity issuer maintains its principal place
of business, or in any court or before any responsible administrative authority which approved
the structured settlement agreement. (b) Not less than 20 days prior to the scheduled hearing
on any application for approval of a transfer of structured settlement payment rights under
Section 6-11-53, the transferee shall file with the court or responsible administrative authority
a notice of the proposed transfer and the application for its authorization. Such notice and
application shall include all of the following: (1) A copy of the transferee's application.
(2) A copy of the transfer agreement. (3) A copy of the disclosure...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-55.htm - 2K - Match Info - Similar pages
41-16A-5
contract, (ii) in the event the governmental entity shall fail to return the subject property
to the grantor party as described in clause (i), the grantor party shall have the right to
take possession of the subject property, (iii) in taking possession of the subject property,
a grantor party may proceed without judicial process if this can be done without breach of
the peace or may proceed by action, and/or (iv) without removal, the grantor party may render
subject property constituting personal property or fixtures unusable and may dispose
of the same on the governmental entity's premises. (b) If an alternative financing contract
contains the terms contained in subdivision (a)(11) hereof, such alternative financing contract
shall be deemed to obligate the governmental entity thereunder only for those sums payable
during the then current fiscal year of such governmental entity, including in the case of
a renewable alternative financing contract for those sums payable in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-16A-5.htm - 12K - Match Info - Similar pages
27-44-3
Section 27-44-3 Scope of chapter. (a) This chapter shall provide coverage for the policies
and contracts specified in subsection (b) as follows: (1) To persons who, regardless of where
they reside (except for non-resident certificate holders under group policies or contracts),
are the beneficiaries, assignees, or payees of the persons covered under subdivision (2).
(2) To persons who are owners of or certificate holders under the policies or contracts, other
than structured settlement annuities, and in each case who are either of the following: a.
Residents b. Not residents, but only under all of the following conditions: 1. The insurer
that issued the policies or contracts is domiciled in this state. 2. The states in which the
persons reside have associations similar to the association created by this chapter. 3. The
persons are not eligible for coverage by an association in any other state due to the fact
the insurer was not licensed in the state at the time specified in the state's...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-3.htm - 12K - Match Info - Similar pages
27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
7-1-201
in size than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same or lesser size; and (B) Language in the body of a record or display in larger
type than the surrounding text, or in contrasting type, font, or color to the surrounding
text of the same size, or set off from surrounding text of the same size by symbols or other
marks that call attention to the language. (11) "Consumer" means an individual who
enters into a transaction primarily for personal, family, or household purposes. (12)
"Contract," as distinguished from "agreement," means the total legal obligation
that results from the parties' agreement as determined by this title as supplemented by any
other applicable laws. (13) "Creditor" includes a general creditor, a secured creditor,
a lien creditor, and any representative of creditors, including an assignee for the benefit
of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator
of an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-1-201.htm - 11K - Match Info - Similar pages
8-20-4
carriers. q. To offer any refunds or other types of inducements to any person for the purchase
of new motor vehicles of a certain line make to be sold to the state or any political subdivision
thereof without making the same offer to all other new motor vehicle dealers in the same line
make within the state. r. To release to any outside party, except under subpoena, or as otherwise
required by law or in an administrative, judicial, or arbitration proceeding, any business,
financial, or personal information which may be from time to time provided by the dealer
to the manufacturer, without the express written consent of the dealer. s. To own an interest
in a new motor vehicle dealership, to operate or control a dealership, to make direct sales
or leases of new motor vehicles to the public in Alabama, or to own, operate, or control a
facility for performance of motor vehicle warranty or repair service work, except as follows:
1. The manufacturer or distributor is owning or operating...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-20-4.htm - 34K - Match Info - Similar pages
6-11-56
Section 6-11-56 Waiver; choice of law; procedures for life-contingent rights; liability. (a)
The provisions of this article may not be waived by any payee. (b) Any transfer agreement
entered into on or after July 1, 2006, by a payee who resides in this state shall provide
that disputes under the transfer agreement, including any claim that the payee has breached
the agreement, shall be determined in and under the laws of this state. Such a transfer agreement
shall not authorize the transferee or any other party to confess judgment or consent to entry
of judgment against the payee. (c) No transfer of structured settlement payment rights shall
extend to any payments that are life-contingent unless, prior to the date on which the payee
signs the transfer agreement, the transferee has established and has agreed to maintain procedures
reasonably satisfactory to the annuity issuer and the structured settlement obligor for (1)
periodically confirming the payee's survival, and (2) giving the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/6-11-56.htm - 2K - Match Info - Similar pages
7-9A-408
Section 7-9A-408 Restrictions on assignment of promissory notes, health-care-insurance receivables,
and certain general intangibles ineffective. (a) Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement
between an account debtor and a debtor which relates to a health-care-insurance receivable
or a general intangible, including a contract, permit, license, or franchise, and which term
prohibits, restricts, or requires the consent of the person obligated on the promissory note
or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection
of a security interest in, the promissory note, health-care-insurance receivable, or general
intangible, is ineffective to the extent that the term: (1) would impair the creation, attachment,
or perfection of a security interest; or (2) provides that the assignment or transfer or the
creation, attachment, or perfection of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-408.htm - 4K - Match Info - Similar pages
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