101 Periodical payments: security
Courts Act 2003 (2003 c 39) | Legislation

101  Periodical payments: security

(1)     For sections 4 and 5 of the Damages Act 1996 (c 48) (enhanced protection for structured settlement annuitant) substitute—

“4 Enhanced protection for periodical payments

(1)     Subsection (2) applies where—

(a)     a person has a right to receive periodical payments, and

(b)     his right is protected by a scheme under section 213 of the Financial Services and Markets Act 2000 (compensation), but only as to part of the payments.

(2)     The protection provided by the scheme shall extend by virtue of this section to the whole of the payments.

(3)     Subsection (4) applies where—

(a)     one person (“the claimant”) has a right to receive periodical payments from another person (“the defendant”),

(b)     a third person (“the insurer”) is required by or in pursuance of an arrangement entered into with the defendant (whether or not together with other persons and whether before or after the creation of the claimant's right) to make payments in satisfaction of the claimant's right or for the purpose of enabling it to be satisfied, and

(c)     the claimant's right to receive the payments would be wholly or partly protected by a scheme under section 213 of the Financial Services and Markets

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Collective investment schemes—essentials

Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of

LEXISNEXIS

Arms length management organisations (ALMOs)

Arms length management organisations (ALMOs)An arms length management organisation (ALMO) is a not-for-profit company that provides housing services on behalf of a local housing authority (LHA). Usually an ALMO is set up by the LHA to manage and improve all or part of its housing stock with the LHA

LEXISNEXIS

Legal Services Board

Legal Services BoardThe Legal Services Board (LSB) is the single independent oversight regulator of the legal profession and sector in England and Wales. It does not directly regulate individual lawyers and, in most circumstances, will not directly regulate firms.Mandate and structureThe LSB is the

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international