25-3302 Terms, defined. - Nebraska Statutes

25-3302. Terms, defined.For purposes of theNonrecourse Civil Litigation Act:(1) Civil litigationfunding company means a person or entity that enters into a nonrecourse civillitigation funding transaction with a consumer;(2) Consumer means a person residingor domiciled in Nebraska or who elects to enter into a transaction under theact, whether it be in person, over the Internet, by facsimile, or by any otherelectronic means, and who has a pending legal claim and is represented byan attorney at the time he or she receives the nonrecourse civil litigationfunding;(3) Legal claim means a civil claim or action; and(4) Nonrecoursecivil litigation funding means a transaction in which a civil litigation fundingcompany purchases and a consumer assigns the contingent right to receive anamount of the potential proceeds of the consumer's legal claim to the civillitigation funding company out of the proceeds of any realized settlement,judgment, award, or verdict the consumer may receive in the legal claim. SourceLaws 2010, LB1094, § 2.Effective Date: July 15, 2010