§ 2480aa. Legislative intent; public policy Structured settlement agreements, which provide for payments to a person over a period of time, are often used in the settlement of actions such as personal injury or medical claims and serve a number of valid purposes, including protection of persons from economic victimization and ensuring a person’s ability […]
§ 2480bb. Definitions In this subchapter: (1) “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. (2) “Dependents” includes a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. (3) “Discounted present value” means […]
§ 2480cc. Required disclosures to payee Not less than 10 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 in a size no smaller than 14 points setting forth: (1) the amounts and due dates of the […]
§ 2480dd. Approval of transfers of structured settlement payment rights (a) 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 […]
§ 2480ee. Effects of transfer of structured settlement payment rights Following a transfer of structured settlement payment rights under this subchapter: (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 […]
§ 2480ff. Procedure for approval of transfers (a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the Civil Division of the Superior Court of the county in which the payee resides or in which the structured settlement […]
§ 2480gg. General provisions; construction (a) The provisions of this subchapter may not be waived by any payee. (b) Any transfer agreement entered into on or after July 1, 2012 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 […]
