Section 6-11-50 – Short Title.
Section 6-11-50 Short title. This article shall be known and referred to as the “Structured Settlement Protection Act.” (Act 2006-628, p. 1714, §1.)
Section 6-11-51 – Definitions.
Section 6-11-51 Definitions. As used in this article the following words and terms shall have the following meanings: (1) ANNUITY ISSUER. An insurer that has issued a contract to fund periodic payments under a structured settlement. (2) DEPENDENTS. A payee’s spouse and minor children and all other persons for whom the payee is legally obligated […]
Section 6-11-52 – Disclosure Statement.
Section 6-11-52 Disclosure statement. Not less than three days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14 points, setting forth all of the following: (1) The amounts and due dates of the structured […]
Section 6-11-53 – Advanced Approval by Court Required; Hearing.
Section 6-11-53 Advanced approval by court required; hearing. 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 […]
Section 6-11-54 – Effects of Transfer of Rights.
Section 6-11-54 Effects of transfer of rights. (a) Following a transfer of structured settlement payment rights under this article: (1) 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. (2) The transferee shall be liable […]
Section 6-11-55 – Application for Approval of Transfer; Notice.
Section 6-11-55 Application for approval of transfer; notice. (a) An application under this article for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the county in which the payee resides, in the county in which the structured settlement obligor or the annuity issuer […]
Section 6-11-56 – Waiver; Choice of Law; Procedures for Life-Contingent Rights; Liability.
Section 6-11-56 Waiver; choice of law; procedures for life-contingent rights; liability. (a) The provisions of this article may not be waived by any payee. (b) Any transfer agreement entered into on or after July 1, 2006, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim […]
Section 6-11-57 – Applicability.
Section 6-11-57 Applicability. This article shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after the 30th day after July 1, 2006; provided, however, that nothing contained herein shall imply that any transfer under a transfer agreement reached prior to such date is either effective or […]
Section 6-11-58 – Relation to Workers’ Compensation Provisions.
Section 6-11-58 Relation to workers’ compensation provisions. Nothing in this article shall be construed to apply to any settlement under the Alabama Workers’ Compensation Law. (Act 2006-628, p. 1714, §9.)
Section 6-11-59 – Confidentiality of Settlement Terms.
Section 6-11-59 Confidentiality of settlement terms. Nothing in this article is intended to, or shall, require or allow the disclosure, publication, or dissemination of the terms of a settlement which is confidential, whether the confidentiality is created by agreement of the parties or by order of the court, or by both. (Act 2006-628, p. 1714, […]