Section 39-1A-4 – Approval of transfers of structured settlement payment rights.
No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express […]
Section 39-1A-5 – Effects of transfer of structured settlement payment rights.
Following a transfer of structured settlement payment rights pursuant to the Structured Settlement Protection Act: A. the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments; B. the transferee shall be liable to the structured settlement […]
Section 39-1A-6 – Procedure for approval of transfers.
A. An application under the Structured Settlement Protection Act for approval of a transfer of structured settlement payment rights shall be made by the transferee and shall be brought in court. B. At least twenty days before the date of the scheduled hearing on any application for approval of a transfer of structured settlement payment […]
Section 39-1A-7 – General provisions; construction.
A. The provisions of the Structured Settlement Protection Act shall not be waived by any payee. B. Any transfer agreement entered into by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the […]
Section 39-1A-1 – Short title.
This act [39-1A-1 to 39-1A-7 NMSA 1978] may be cited as the “Structured Settlement Protection Act”. History: Laws 2005, ch. 135, § 1. ANNOTATIONS Effective dates. — Laws 2005, ch. 135, § 8 makes the act effective July 1, 2005. Cross references. — For motor vehicle accident settlement agreements, see 66-5-210 NMSA 1978.
Section 39-1A-2 – Definitions.
As used in the Structured Settlement Protection Act: A. “annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement; B. “court” means: (1) the court of original jurisdiction that authorized or approved a structured settlement; or (2) if the court that authorized or approved the structured settlement […]
Section 39-1A-3 – Required disclosures to payee.
At least three days before the date on which the payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type at least fourteen points in size, that states: A. the amounts and due dates of the structured settlement payments to be transferred; B. the aggregate amount […]