IDAHO Structured Settlement CODE

IDAHO Structured Settlement  CODE TITLE 28. COMMERCIAL TRANSACTIONS CHAPTER 9. SECURED TRANSACTIONS Part 1. General Provisions 28-9-109 Scope. (a) Except as otherwise provided in subsections (c) and (d), this chapter applies to: (1) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract; (2) An agricultural lien; (3) A sale of accounts, chattel paper, payment intangibles or promissory notes; (4) A consignment; (5) A security interest arising under section 28-2-401, 28-2-505, 28-2-711(3) or 28-12-508(5), as provided in section 28-9-110; and (6) A security interest arising under section 28-4-210 or 28-5-120. (b) The application […]

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The Maine Structured Settlement Protection Act

The Maine Structured Settlement Protection Statute MAINE STATUTES TITLE 24-A§2241. DefinitionsAs used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [1999, c. 268, §2 (new).] 1. Annuity issuer. “Annuity issuer” means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement. [1999, c. 268, §2 (new).] 2. Applicable law. “Applicable law” means: A. Federal law; [1999, c. 268, §2 (new).] B. The laws of this State, including principles of equity applied in the courts of this State; and [1999, c. 268, §2 (new).] C. The laws […]

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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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CONCERNING STRUCTURED SETTLEMENTS

CONCERNING STRUCTURED SETTLEMENTS Connecticut Senate Bill: 1059 Synopsis: AN ACT CONCERNING STRUCTURED SETTLEMENTS. Text: Be it enacted by the Senate and House of Representatives in General Assembly convened: Section 1. (NEW) (Effective October 1, 2003… Continue reading CONCERNING STRUCTURED SETTLEMENTS

Arizona Structured Settlement Protection Statute

The Arizona Structured Settlement Protection Statute Arizona Revised Statutes Annotated Title 12. Courts And Civil Proceedings Chapter 20 Article 1. General Provisions AZ Revised Statute Ann §§ 12-2901–12-2904 § 12-2901. Definitions In this chapter, unless the context otherwise requires: 1. “Annuity issuer” means an insurer that has issued a contract that is used to fund periodic payments under a structured settlement. 2. “Dependents” includes a payee’s spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony. 3. “Discounted present value” means the present value of future […]

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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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