Structured Settlement Attorney Independent Professional Advisor

Structured Settlement Attorney Independent Professional Advisor Independent Professional Advisor Helps Consumer:  Comparison of Court Terms In Comparison of Court Terms (part 1) we left off with the “J’s”.  And like we said in Part 1:  Court language can get tricky because of similar words used in phrases, or some concepts are used in Civil Court, and others for Criminal Court, but the meanings are VASTLY different.  Take a look:   Limited Criminal refers to misdemeanors, infractions, and traffic offenses.  Limited Civil refers to cases with claims up to $25,000, including small claims cases.  General Criminal refers to felony matters, and […]

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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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Annuity Issuer and Structured Settlement Obligor

. Block 17.4 Article 2.3 Transfers of Structured Settlement Payment Rights   Annuity Issuer and Structured Settlement Obligor Not Required to Divide Payments   10139.3(e) states, “Neither the annuity issuer nor the structured settlement obligor may be required to divide any structured settlement payment between the payee and any transferee or assignee or between two or more transferees or assignees.”   Who then divides the money?  Does the structured settlement obligor or the annuity issuer ever divide the money?  Did something bad happen in the past that they can’t divide the money?  Do they have motive?  What is this law […]

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Maryland Independent Professional Advice

Maryland Residents:  You must have independent professional advice  Maryland Independent Professional Advice If you are a Maryland resident and you are interested in selling your structured settlement payment rights, you must obtain independent professional advice.  Below we cite how Maryland defines independent professional advice, and then we cite the code that REQUIRES you to have independent professional advice.   5-1101(c) Independent professional advice.–“Independent professional advice means advice of an attorney, certified public accountant, actuary, or other licensed professional adviser: (1) Who is engaged by a payee to render advice concerning the legal, tax, and financial implications of a transfer structured […]

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Using A Structured Settlement as Collateral for a Bank Loan

Using Your Structured Settlement as Collateral for a Bank Loan According to the National Structured Settlement Trade Association (NSSTA) “Normally, you may not use your structured settlement payments as collateral for a loan.  The reason is that the federal law designed to provide these benefits to you on an income tax-free basis also prohibits you from assigning or encumbering them”. The National Association of Settlement Purchasers (NASP) states, “That is an option, if you have good credit and are willing to take on additional debt.”  The NASP also adds, “Unfortunately, few banks will take your payments as collateral.  That is […]

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Structured Settlement Attorney Independent Professional Advisor

Structured Settlement Attorney Independent Professional Advisor Independent Professional Advisor Helps Consumer:  Comparison of Court Terms In Comparison of Court Terms (part 1) we left off with the “J’s”.  And like we said in Part 1:  Court language can get tricky because of similar words used in phrases, or some concepts are used in Civil Court, and others for Criminal Court, but the meanings are VASTLY different.  Take a look:   Limited Criminal refers to misdemeanors, infractions, and traffic offenses.  Limited Civil refers to cases with claims up to $25,000, including small claims cases.  General Criminal refers to felony matters, and […]

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Transfers of Structured Settlement Payment Rights

Block 16.1  Article 2.3 Transfers of Structured Settlement Payment Rights   Law Requiring Service On the Attorney General of all Transfer Documents:  Introducing CA Insurance Code 10139(a)   This task is the responsibility of the transfer company, and if it isn’t done, the transfer will not go through.  The filing to the Attorney General takes place at the same time the transfer company files the petition to the Superior Court.   You can visit this website:  http://oag.ca.gov/services-info-3 and view the Attorney General’s law on receiving documents of transfers from Superior Courts.  Just scroll down the opening page of the above […]

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The Nebraska Structured Settlement Protection Act

The Nebraska Structured Settlement Protection Statute Cited as 2001 NEB 25-3101 – 25-3107 LB55 LB 55 LEGISLATIVE BILL 55 Approved by the Governor April 4, 2001 Introduced by Landis, 46 AN ACT relating to financial arrangements; to amend section 9-109, Uniform Commercial Code; to adopt the Structured Settlements Transfers Protection Act; to harmonize provisions; to provide an operative date; to repeal the original section; and to declare an emergency. Be it enacted by the people of the State of Nebraska, Section 1. Sections 1 to 7 of this act shall be known and may be cited as the Structured Settlements […]

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Annuity Issuer and Structured Settlement Obligor

. Block 17.4 Article 2.3 Transfers of Structured Settlement Payment Rights   Annuity Issuer and Structured Settlement Obligor Not Required to Divide Payments   10139.3(e) states, “Neither the annuity issuer nor the structured settlement obligor may be required to divide any structured settlement payment between the payee and any transferee or assignee or between two or more transferees or assignees.”   Who then divides the money?  Does the structured settlement obligor or the annuity issuer ever divide the money?  Did something bad happen in the past that they can’t divide the money?  Do they have motive?  What is this law […]

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Alaska Structured Settlement Protection Statute

The Alaska Structured Settlement Protection Statute House Bill No. 64 AK Statute §§ 09.68.200–09.68.230 “An Act relating to court approval of the purchase of structured settlements.” TEXT: BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: Section 1. AS 09.68 is amended by adding new sections to read: Sec. 09.68.200. Conditions to transfers of structured settlement payment rights and structured settlement agreements. (a) A transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of structured settlement payment […]

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