Colonial pays cash for structured settlements!

Idaho statues regarding Structured Settlements.

This state statute overseeing the sale of structured settlement payments and the buying of annuities is basically the Model Act and complies with Federal Law (Colonial's interpretation)

IDAHO CODE
TITLE 28. COMMERCIAL TRANSACTIONS
CHAPTER 9. SECURED TRANSACTIONS
Part 1. General Provisions

Current through the 2001 Cumulative Supplement (1st Regular Session of the 56th Legislature)


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 of this chapter to a security interest in a secured obligation is not affected by the fact that the
obligation is itself secured by a transaction or interest to which this chapter does not apply.

(c) This chapter does not apply to the extent that:

(1) A statute, regulation, or treaty of the United States preempts this chapter;

(2) Another statute of this state expressly governs the creation, perfection, priority or enforcement of a security
interest created by this state or a governmental unit of this state;

(3) A statute of another state, a foreign country, or a governmental unit of another state or a foreign country,
other than a statute generally applicable to security interests, expressly governs creation, perfection, priority or
enforcement of a security interest created by the state, country or governmental unit; or

(4) The rights of a transferee beneficiary or nominated person under a letter of credit are independent and
superior under section 28-5-114.

(d) This chapter does not apply to:

(1) A landlord's lien, other than an agricultural lien;

(2) A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but section
28-9-333 applies with respect to priority of the lien;

(3) An assignment of a claim for wages, salary or other compensation of an employee;

(4) A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business
out of which they arose;

(5) An assignment of accounts, chattel paper, payment intangibles or promissory notes which is for the purpose
of collection only;

(6) An assignment of a right to payment under a contract to an assignee that is also obligated to perform under
the contract;

(7) An assignment of a single account, payment intangible or promissory note to an assignee in full or partial
satisfaction of a preexisting indebtedness;

(8) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment
by or to a health care provider of a health care insurance receivable and any subsequent assignment of the right
to payment, but sections 28-9-315 and 28-9-322 apply with respect to proceeds and priorities in proceeds;

(9) An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that
was collateral;

(10) A right of recoupment or set-off, but:

     (A) section 28-9-340 applies with respect to the effectiveness of rights of recoupment or set-off against
deposit accounts; and

     (B) section 28-9-404 applies with respect to defenses or claims of an account debtor; (11) The creation or
transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that
provision is made for: (A) liens on real property in sections 28-9-203 and 28-9-308; (B) fixtures in section
28-9-334;

     (C) fixture filings in sections 28-9-501, 28-9-502, 28-9-512, 28-9-516 and 28-9-519; and

     (D) security agreements covering personal and real property in section 28-9- 604;

(12) An assignment of a claim arising in tort, other than a commercial tort claim, but sections 28-9-315 and
28-9-322 apply with respect to proceeds and priorities in proceeds;

(13)(A) A claim or right to receive compensation for injuries or sickness as described in (i) 26 U.S.C. section 104
(a)(1) and (ii) on and after the effective date of this chapter, in 26 U.S.C. section 104(a)(2), as those sections may
be amended from time to time. Notwithstanding the foregoing, this chapter (other than sections 28-9-406(d) and
28-9-408(a) and (c), Idaho Code, in the case of transfers made on and after the effective date of this chapter)
shall apply to such compensation as described in 26 U.S.C. section 104(a)(2) if the sale, pledge, assignment or
other transfer of rights to receive such compensation under a structured settlement is approved by the final order
of a court pursuant to, and otherwise complies with, the requirements of paragraph (B) of this subsection.

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