Structured Settlement Payment Rights

Article 2.3 Transfers of Structured Settlement Payment Rights   Tax Liability to Whom?  Stepping into the Shoes of the Third Party Beneficiary   California Insurance Code says if your the person “stepping into the shoes of the third party beneficiary” (assignee),  you share the tax liability, if any, with the transfer company and you both are liable to the structured settlement obligor, and to the annuity issuer, if the transfer does not comply with California Insurance Code 10134-10139.5 OR if the transfer company and the assignee individually or both are noncompliant.   10139.3(d) states, “The transferee and any assignee shall […]

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Structured Settlement Payment Rights

Article 2.3 Transfers of Structured Settlement Payment Rights   Tax Liability to Whom?  Stepping into the Shoes of the Third Party Beneficiary   California Insurance Code says if your the person “stepping into the shoes of the third party beneficiary” (assignee),  you share the tax liability, if any, with the transfer company and you both are liable to the structured settlement obligor, and to the annuity issuer, if the transfer does not comply with California Insurance Code 10134-10139.5 OR if the transfer company and the assignee individually or both are noncompliant.   10139.3(d) states, “The transferee and any assignee shall […]

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The New Mexico Structured Settlement Protection Act

The New Mexico Structured Settlement Protection Statute N. M. S. A. 1978, § 39-1A-2 § 39-1A-1. Short title This act may be cited as the “Structured Settlement Protection Act”. § 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 no longer has jurisdiction to approve a transfer of payment rights under the […]

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The Montana Structured Settlement Protection Statute

The Montana Structured Settlement Protection Statute Montana Senate Bill 122 Synopsis: An act regulating the transfer of a beneficiary’s structured settlement payment rights; requiring disclosure and approval of a court or responsible administrative authority prior to transfer; outlining obligations after a transfer; placing a condition on additional transfers; providing for jurisdiction and notice; prohibiting waiver of provisions; providing conditions for contingent payments; assigning responsibility for compliance; and providing an applicability date. Text: BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA: Section 1. Short title. Sections 1 through 12 may be cited as the “Structured Settlement Protection Act”. […]

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The Oregon structured Settlement Protection Act

The Oregon structured settlement protection statute Ch. 173 S.B. no. 645 Annuities–structured settlement rights An act relating to transfers of structured settlement rights. Be it enacted by the people of the state of Oregon: Section 1. As used in sections 1 to 6 of this 2005 act: (1) “Annuity issuer” means an insurer that has entered into a contract to fund periodic payments under a structured settlement agreement. (2) “Obligor” means a party that has a continuing obligation to make periodic payments to a payee under a structured settlement agreement or an agreement that provides for a qualified assignment as […]

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What is a Structured Settlement Attorney

What is a Structured Settlement Attorney? Well, let’s break it down, a structured settlement attorney is an attorney is one who only represents structured settlement cases. When most people think of a structured settlement case, they first think of  a personal injury case. Although they do not know it, but the fact is that is a personal injury attorney, not a structured settlement attorney. confused from the personal injury attorney is the one settling the case to get a structured settlement. When I talk of structured settlement attorney, I am referring to an attorney that  assists in the transfer of a structured settlement. Sometimes referred to as an independent professional advisor. […]

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Structured Settlement Attorney

What is a Structured Settlement Attorney? Well lets break it down, a structured settlement attorney is an attorney is one who only represents structured settlement cases. When most people think of a structured settlement case, they first think of  a personal injury case. Although they do not know it, but the fact is that is a personal injury attorney, not a structured settlement attorney. confused from the personal injury attorney is the one settling the case to get a structured settlement. When i talk of structured settlement attorney, i am referring to an attorney that  assists in the transfer of a structured settlements.Sometimes referred to as an independent professional advisor. The […]

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Transfers of Structured Settlement Payment

Block 16.3 Article 2.3 Transfers of Structured Settlement Payment Rights   Reporting to the OAG:   To Review or Not Review:  Does the OAG Take a Look at Each Transfer Agreement?   10139(b) says “no”.  10139(b) states, “The Attorney General may, but is not required to, review any transfer agreement in order to ensure that the transfer meets the requirements of this article.”   (You can view this “article” (10139(b)) here:    http://codes.lp.findlaw.com/cacode/INS/1/d2/2/1/2.3/s10139 a Thomson Reuters website that was last updated Nov. 13, 2013 at 1:08 p.m. PST.)   The code is short, and so is this article.  It’s straight forward.  10139(b) […]

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Selling Structured Settlements

WHAT EVERY PERSON WISHING TO SELL A STRUCTURED SETTLEMENT FOR CASH SHOULD KNOW Selling Structured Settlements Both as a result of the recession, and changing financial needs, many individuals with structured settlement payment annuities have decided to sell and/or convert their structured settlement payments into a single lump sum cash payment. For many people it is also a very smart decision to enter into such a transaction should the financial need to do so arise. At the same time, though, the decision of “who” to sell to, and what the process of selling structured settlement payment annuities actually entails is both a […]

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