§ 1-16-602 — Definitions

(a) As used in this act:
(i) "Annuity issuer" means an insurer that has issued
a contract to fund periodic payments under a structured
settlement;
(ii) "Dependents" include a payee's spouse and minor
children and all other persons for whom the payee is legally
obligated to provide support, including alimony;
(iii) "Discounted present value" means the present
value of future payments determined by discounting the payments
to the present value 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;
(iv) "Gross advance amount" means the sum payable to
the payee or for the payee's account as consideration for a
transfer of structured settlement payment rights before any
reductions for transfer expenses or other deductions to be made
from such consideration;
(v) "Independent professional advice" means advice of
an attorney, certified public accountant, actuary or other
licensed professional adviser;
(vi) "Interested parties" means, with respect to any
structured settlement, the payee, any beneficiary irrevocably
designated under the annuity contract to receive payments
following the payee's death, the annuity issuer, the structured
settlement obligor and any other party that has continuing
rights or obligations under the structured settlement;
(vii) "Net advance amount" means the gross advance
amount less the aggregate amount of the actual and estimated
transfer expenses required to be disclosed under W.S.
1-16-603(e);
(viii) "Payee" means an individual who is receiving
tax free payments under a structured settlement and proposes to
make a transfer of payment rights thereunder;
(ix) "Periodic payments" includes both recurring
payments and scheduled future lump sum payments;
(x) "Qualified assignment agreement" means an
agreement providing for a qualified assignment within the
meaning of 26 U.S.C. 130;
(xi) "Settled claim" means the original tort claim
resolved by a structured settlement;
(xii) "Structured settlement" means an arrangement
for periodic payment of damages for personal injuries or
sickness established by settlement agreement or judgment in
resolution of a tort claim;
(xiii) "Structured settlement agreement" means the
agreement, judgment, stipulation or release embodying the terms
of the structured settlement;
(xiv) "Structured settlement obligor" means, with
respect to a structured settlement, the party that has a
continuing obligation to make periodic payments to the payee
under a structured settlement agreement or a qualified
assignment agreement;
(xv) "Structured settlement rights" means rights to
receive periodic payments under a structured settlement, whether
from the structured settlement obligor or the annuity issuer,
where:
(A) The payee is domiciled in, or the domicile
or principal place of business of the structured settlement
obligor or the annuity issuer is located in, this state;
(B) The structured settlement agreement was
approved by a court in this state; or
(C) The structured settlement agreement is
expressly governed by the laws of this state.
(xvi) "Terms of the structured settlement" include,
with respect to a structured settlement agreement, the terms of
the structured settlement agreement, the annuity contract, a
qualified assignment agreement and any order or other approval
of any court that authorized or approved the structured
settlement;
(xvii) "Transfer" means any sale, assignment, pledge,
hypothecation or other alienation or encumbrance of structured
settlement payment rights made by a payee for consideration,
provided that the term "transfer" does not include the creation
or perfection of a security agreement in structured settlement
payment rights under a blanket security agreement entered into
with an insured depository institution, in the absence of any
action to redirect the structured settlement payments to the
insured depository institution, or an agent or successor in
interest thereof, or otherwise to enforce the blanket security
interest against the structured settlement payment rights;
(xviii) "Transfer agreement" means the agreement
providing for a transfer of structured settlement payment
rights;
(xix) "Transfer expenses" means all expenses of a
transfer that are required under the transfer agreement to be
paid by the payee or deducted from the gross advance amount,
including without limitation, court filing fees, attorneys'
fees, escrow fees, lien recordation fees, judgment and lien
search fees, finders' fees, commissions and other payments to a
broker or other intermediary. "Transfer expenses" do not
include preexisting obligations of the payee payable for the
payee's account from the proceeds of a transfer;
(xx) "Transferee" means a party acquiring or
proposing to acquire structured settlement payment rights
through a transfer;
(xxi) "This act" means W.S. 1-16-601 through