{"data":{"id":"us-ky/krs-454.430","jurisdiction":"us-ky","citation":"KRS 454.430","heading":"Definitions for KRS 454.430 to 454.435.","body":"As used in KRS 454.430 to 454.435:\n(1) \"Annuity issuer\" means an insurer that has issued an annuity contract to be used to\nfund periodic payments under a structured settlement;\n(2) \"Payee\" means an individual who is receiving tax -free damage payments under a\nstructured settlement and who wa nts to make a transfer of payment rights under the\nstructured settlement agreement;\n(3) \"Protected parties\" means, with respect to any structured settlement, the payee, any\nnamed beneficiary designated in the annuity contract or structured settlement to\nreceive payments following the payee's death, or, if the named beneficiary is a\nminor, the named beneficiary's parent or guardian, the annuity issuer, and the\nstructured settlement obligor;\n(4) \"Qualified assignment agreement\" means an agreement providing fo r a qualified\nassignment that meets the requirements of Section 130 of the Internal Revenue\nCode, 26 U.S.C. sec. 130, as amended from time to time;\n(5) \"Settled claim\" means the original tort claim resolved by a structured settlement;\n(6) \"Structured settlement\" means an arrangement for periodic payment of damages for\npersonal injuries established by settlement or judgment in resolution of a tort claim;\n(7) \"Structured settlement obligor\" means, with respect to any structured settlement, the\nparty that has the continuing periodic payment obligation to the payee under a\nstructured settlement agreement or a qualified assignment agreement;\n(8) \"Structured settlement payment rights\" means rights to receive periodic payments,\nincluding lump sum payments under a s tructured settlement, whether from the\nsettlement obligor or the annuity issuer, where:\n(a) The payee or any other protected party is domiciled in this state; or\n(b) The settled claim was pending before the courts of this state when the\nstructured settlement was reached;\n(9) \"Transfer\" means any sale, assignment, pledge, hypothecation, or other form of\nalienation or encumbrance made for consideration; and\n(10) \"Transfer agreement\" means the agreement providing for transfer of structured\nsettlement payment rights from a payee to a transferee.","path":["KRS Chapter 454"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=19614","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:58Z","sha256":"16dc562de29d4625932c56e4649bda5ca5ed510fa5dc610b4819be437f3f42d6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-454.415","next":"us-ky/krs-454.431"},"notice":"GroundRules: Original legal text. Not legal advice."}