{"data":{"id":"us-ok/okla.-stat.-tit.-12-12-3239","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12, § 12-3239","heading":"Definitions","body":"As used in the Structured Settlement Protection Act of 2001:\n\n1. “Annuity issuer” means an insurer that has issued a contract\n\nto fund periodic payments under a structured settlement;\n\n2. “Dependents” include a payee’s spouse and minor children and\n\nall other persons for whom the payee is legally obligated to provide\n\nsupport, including alimony;\n\n3. “Discounted present value” means the present value of future\n\npayments determined by discounting the payments to the present using\n\nthe most recently published applicable federal rate for determining\n\nthe present value of an annuity, as issued by the United States\n\nInternal Revenue Service;\n\n4. “Gross advance amount” means the sum payable to the payee or\n\nfor the payee’s account as consideration for a transfer of\n\nstructured settlement payment rights before any reductions for\n\ntransfer expenses or other deductions to be made from the\n\nconsideration;\n\n5. “Independent professional advice” means advice of an\n\nattorney, certified public accountant, actuary or other licensed\n\nprofessional adviser;\n\n6. “Interested parties” means, with respect to any structured\n\nsettlement, the payee, any beneficiary irrevocably designated under\n\nthe annuity contract to receive payments following the payee’s\n\ndeath, the annuity issuer, the structured settlement obligor, and\n\nany other party that has continuing rights or obligations under the\n\nstructured settlement;\n\n7. “Net advance amount” means the gross advance amount less the\n\naggregate amount of the actual and estimated transfer expenses\n\nrequired to be disclosed under paragraph 5 of Section 3 of this act;\n\n8. “Payee” means an individual who is receiving tax-free\n\npayments under a structured settlement and proposes to make a\n\ntransfer of the payment rights;\n\n9. “Periodic payments” includes both recurring payments and\n\nscheduled future lump sum payments;\n\n10. “Qualified assignment agreement” means an agreement\n\nproviding for a qualified assignment within the meaning of section\n\n130 of the United States Internal Revenue Code, United States Code\n\nTitle 26, as amended from time to time;\n\n11. “Responsible administrative authority” means, with respect\n\nto a structured settlement, any government authority vested by law\n\nwith exclusive jurisdiction over the settled claim resolved by the\n\nstructured settlement;\n\n12. “Settled claim” means the original tort claim or workers’\n\ncompensation claim resolved by a structured settlement;\n\n13. “Structured settlement” means an arrangement for periodic\n\npayment of damages for personal injuries or sickness established by\n\nsettlement or judgment in resolution of a tort claim or for periodic\n\npayments in settlement of a workers’ compensation claim;\n\n14. “Structured settlement agreement” means the agreement,\n\njudgment, stipulation, or release embodying the terms of a\n\nstructured settlement;\n\n15. “Structured settlement obligor” means, with respect to any\n\nstructured settlement, the party that has the continuing obligation\n\nto make periodic payments to the payee under a structured settlement\n\nagreement or a qualified assignment agreement;\n\n16. “Structured settlement payment rights” means rights to\n\nreceive periodic payments under a structured settlement, whether\n\nfrom the structured settlement obligor or the annuity issuer, where:\n\na. the payee is domiciled in, or the domicile or\n\nprincipal place of business of the structured\n\nsettlement obligor or the annuity issuer is located in\n\nthis state,\n\nb. the structured settlement agreement was approved by a\n\ncourt or responsible administrative authority in this\n\nstate, or\n\nc. the structured settlement agreement is expressly\n\ngoverned by the laws of this state;\n\n17. “Terms of the structured settlement” include, with respect\n\nto any structured settlement, the terms of the structured settlement\n\nagreement, the annuity contract, any qualified assignment agreement\n\nand any order or other approval of any court or responsible\nle administrative authority in this\n\nstate, or\n\nc. the structured settlement agreement is expressly\n\ngoverned by the laws of this state;\n\n17. “Terms of the structured settlement” include, with respect\n\nto any structured settlement, the terms of the structured settlement\n\nagreement, the annuity contract, any qualified assignment agreement\n\nand any order or other approval of any court or responsible\n\nadministrative authority or other government authority that\n\nauthorized or approved such structured settlement;\n\n18. “Transfer” means any sale, assignment, pledge,\n\nhypothecation or other alienation or encumbrance of structured\n\nsettlement payment rights made by a payee for consideration;\n\nprovided that the term “transfer” does not include the creation or\n\nperfection of a security interest in structured settlement payment\n\nrights under a blanket security agreement entered into with an\n\ninsured depository institution, in the absence of any action to\n\nredirect the structured settlement payments to the insured\n\ndepository institution, or an agent or successor in interest\n\nthereof, or otherwise to enforce the blanket security interest\n\nagainst structured settlement payment rights;\n\n19. “Transfer agreement” means the agreement providing for a\n\ntransfer of structured settlement payment rights;\n\n20. “Transfer expenses” means all expenses of a transfer that\n\nare required under the transfer agreement to be paid by the payee or\n\ndeducted from the gross advance amount, including, without\n\nlimitation, court filing fees, finders’ fees, commissions, and other\n\npayments to a broker or other intermediary; “transfer expenses” do\n\nnot include preexisting obligations of the payee payable for the\n\npayee’s account from the proceeds of a transfer; and\n\n21. “Transferee” means a party acquiring or proposing to\n\nacquire structured settlement payment rights through a transfer;","path":["OK Code","Title 12"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6305f2c6bb04289de139275234c64ffc1cebf185da092350cf371f7f8817d517","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12-12-3238","next":"us-ok/okla.-stat.-tit.-12-12-3240"},"notice":"GroundRules: Original legal text. Not legal advice."}