Ohio Structured Settlement Protection Act

Ohio Structured Settlement Protection Act § 2323.58 Definitions. As used in this section and sections 2323.581 [2323.58.1] to 2323.587 [2323.58.7] of the Revised Code: (A) “Annuity issuer” means an insurer that has issued an insurance contract that is used to fund periodic payments under a structured settlement. (B) “Applicable law” means any of the following, as applicable in interpreting the terms of a structured settlement agreement: (1) The laws of the United States; (2) The laws of this state, including principles of equity that are applied in the courts of this state; (3) The laws of any other jurisdiction if […]

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The New York Structured Settlement Protection Act

The New York Structured Settlement Protection Statute McKinney’s General Obligations Law § 5-1701 § 5-1701. Definitions For purposes of this title: (a) “annuity issuer” means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement; (b) “dependents” include a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony or maintenance; (c) “discounted present value” means the present value of future payments, as determined by discounting such payments to the present using the most recently published applicable federal rate for determining the […]

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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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The New Jersey Structured Settlement Protection Statute

The New Jersey Structured Settlement Protection Statute NEW JERSEY PERMANENT STATUTES TITLE 2A. ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE Current through P.L.2002, c.33 § 2A:16-63. Short title. This act shall be known and may be cited as the “Structured settlement Protection Act.” L.2001, c.139, s.1, eff. Aug. 1, 2001. § 2A:16-64. Definitions relative to structured settlements. For the purposes of this act: “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. “Dependents” includes a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to […]

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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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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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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 Virginia Structured Settlement Protection Act

The Virginia Structured Settlement Protection Statute § 59.1-475. Definitions. For purposes of this chapter: “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. “Dependents” include a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. “Discounted present value” means the present value of future payments determined by discounting such payments to the present using the most recently published Applicable Federal Rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service. “Gross […]

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The West Virginia Structured Settlement Protection Statute

The West Virginia Structured Settlement Protection Statute ARTICLE 6H. TRANSFERS OF RIGHT TO RECEIVE FUTURE PAYMENTS. §46A-6H-1. Definitions. For the purposes of this article: (1) “Closing date” means the date the transfer agreement is executed by the consumer and the transferee, and shall be at least fourteen days after the requisite disclosures have been provided to the consumer and interested parties. (2) “Consumer” means any person entitled to receive periodic future payments from an annuity issuer, settlement obligor or any other party as the result of an annuity, settlement, lottery winnings, sweepstakes payoff or other future payment arrangement. (3) “Discounted […]

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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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