21-3B-1. Definitions. Terms used in this chapter mean: (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 any minor child and any other person for whom the payee is legally obligated to provide support, including alimony; (3)”Discounted present value,” the present value […]
21-3B-10. Effect of chapter on existing laws and transfer agreements. Nothing contained in this chapter authorizes any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to July 1, 2001, is valid or invalid. Source: SL 2001, ch 106, §10.
21-3B-11. Transferee solely responsible for certain requirements. Compliance with the requirements set forth in §21-3B-2 and fulfillment of the conditions set forth in §21-3B-3 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer bears any responsibility for, or […]
21-3B-12. Applicability of chapter. This chapter applies to any transfer of structured settlement payment rights under a transfer agreement entered into on or after July 1, 2001. Nothing contained in this chapter implies that any transfer under a transfer agreement reached prior to such date is either effective or ineffective. Source: SL 2001, ch 106, […]
21-3B-2. Transferee to provide disclosure statement–Information required. Not less than three days before 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 the following information: (1)The amounts and due dates of the structured […]
21-3B-3. Transfer effective only upon order of court or administrative authority–Findings required. No direct or indirect transfer of structured settlement payment rights is effective and no structured settlement obligor or annuity issuer is required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved […]
21-3B-4. Rights and obligations following transfer. Following a transfer of structured settlement payment rights under this chapter: (1)The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any liability for the transferred payments; (2)The transferee is liable to the structured settlement obligor and the […]
21-3B-5. Application for approval of transfer to be made by transferee–Venue–Notice of proposed transfer. An application under this chapter 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 […]
21-3B-6. Payee may not waive provisions. The provisions of this chapter may not be waived by any payee. Source: SL 2001, ch 106, §6.
21-3B-7. Disputes decided under state law. Any transfer agreement entered into on or after July 1, 2001, by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No […]
21-3B-9. No payee liability for failure to comply with chapter. No payee who proposes to make a transfer of structured settlement payment rights may incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy […]
