Colonial pays cash for structured settlements!

Alaska statues regarding Structured Settlements. LIMITED RUN SHOWING ALL ADDITIONAL SPONSORSHIPS CS FOR HOUSE BILL NO. 64(JUD) IN THE LEGISLATURE OF THE STATE OF ALASKA TWENTY-THIRD LEGISLATURE - FIRST SESSION BY THE HOUSE JUDICIARY COMMITTEE Offered: 3/10/03 Referred: Rules Sponsor(s): REPRESENTATIVES FOSTER, Dahlstrom, Wolf, Gara, McGuire, Lynn
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Sec. 09.68.210. Jurisdiction; procedure for approval of transfers.

(a) The superior court where the action giving rise to the structured settlement was maintained or could have been maintained or where the payee is domiciled has jurisdiction over an application for approval under AS 09.68.200 of a transfer of structured settlement payment rights.

(b) Not less than 30 days before the scheduled hearing on an application for authorization of a transfer of structured settlement payment rights under AS 09.68.200, the transferee shall file with the court and serve on any other government authority that previously approved the structured settlement and all interested parties a notice of the proposed transfer and the application for its authorization. The notice must include

(1) a copy of the transferee's application to the court;

(2) a copy of the transfer agreement;

(3) a copy of the disclosure statement required under AS 09.68.200;

(4) notification that an interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing; and

(5) notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed in order to be considered by the court.

(c) Written responses to the application must be filed within 15 days after service of the transferee's notice.

Sec. 09.68.220. No waiver and no penalty.

(a) The provisions of AS 09.68.200 - 09.68.230 may not be waived.

(b) A payee who proposes to make a transfer of structured settlement payment rights may not incur a penalty, forfeit an application fee or other payment, or otherwise incur any liability to the proposed transferee based on the failure of the transfer to satisfy the conditions of AS 09.68.200 - 09.68.230.

      (B) who is not in any manner affiliated with or compensated by the transferee of the transfer; and

      (C) whose compensation for providing the advice is not affected by whether a transfer occurs or does not occur;

  (5) "interested parties" means the payee, a beneficiary designated under the annuity contract to receive payments following the payee's death or, if the designated beneficiary is a minor, the designated beneficiary's parent or guardian, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under the structured settlement;

  (6) "payee" means an individual who is receiving tax-free damage payments under a structured settlement and proposes to make a transfer of payment rights under the structured settlement;

  (7) "qualified assignment agreement" means an agreement providing for a qualified assignment as provided by 26 U.S.C. 130 (United States Internal Revenue Code), as amended through December 31, 1998;

  (8) "settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement;

  (9) "structured settlement" means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim;

  (10) "structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments;

  (11) "structured settlement obligor" means the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement;

  (12) "structured settlement payment rights" means rights to receive periodic payments, including lump-sum payments, under a structured settlement, whether from the settlement obligor or the annuity issuer, where

      (A) the payee or any other interested party is domiciled in the state;

      (B) the structured settlement agreement was approved by a court in the state; or

      (C) the settled claim was pending before the courts of this state when the parties entered into the structured settlement agreement;

  (13) "terms of the structured settlement" means the terms of the structured settlement agreement, the annuity contract, a qualified assignment agreement, and an order or approval of a court, responsible administrative authority, or other government authority authorizing or approving the structured settlement;

  (14) "transfer" means a sale, assignment, pledge, hypothecation, or other form of alienation or encumbrance made by a payee for consideration;

  (15) "transfer agreement" means the agreement providing for transfer of structured settlement payment rights from a payee to a transferee;

  (16) "transferee" means a person who is receiving or will receive structured settlement payment rights resulting from a transfer.

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