Colonial pays cash for structured settlements!
Indiana statues
regarding Structured Settlements.
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This state statute overseeing the
sale of structured settlement payments and
the buying of annuities is not the Model
Act but is workable with some minor problems.
Complies with Federal Law (Colonial's
interpretation)
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WEST'S ANNOTATED INDIANA CODE
TITLE 34. CIVIL PROCEDURE
ARTICLE 13. CAUSES OF ACTION: CLAIMS AGAINST THE
GOVERNMENT
CHAPTER 3. TORT CLAIMS AGAINST GOVERNMENTAL ENTITIES
AND PUBLIC EMPLOYEES
Current through End of 2001 1st
Regular Sess.
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34-50-2-7 Final orders; findings
Sec. 7. An Indiana court of competent jurisdiction
may approve a transfer of structured settlement payment
rights
only in a final order that is based on the express findings
of the court. The express findings must include all
of the
following:
(1) The consideration that the payee will receive for
the transfer reasonably reflects the present fair market
value
of the future periodic payments under the structured
settlement agreement.
(2) The transfer is in the best interest of the payee.
(3) The transfer will not materially impair the payee's
ability to discharge the payee's obligations to the
payee's
dependents.
(4) If the transferee is the applicant, the transferee
has provided to the payee a disclosure statement in
accordance with section 6 of this chapter.
34-50-2-8 Applications for approval of transfers
Sec. 8. (a) An application under this chapter for approval
of a transfer of structured settlement payment rights
must be filed in:
(1) the Indiana court in which the underlying tort
action was pending; or
(2) the court of general jurisdiction in the Indiana
county in which the payee resides.
(b) The following apply to an application filed under
subsection (a):
(1) Upon filing of the application, the court shall
set a date and time for a hearing on the application
not earlier than
twenty (20) days after the application is filed and
shall notify the applicant of the date, time, and place
of the hearing.
The court shall give precedence to a hearing set under
this section in accordance with Indiana Trial Rule 40.
(2) The applicant shall file with the court and shall
serve on:
(A) all interested parties;
(B) the annuity issuer; and
(C) the structured settlement obligor;
in the manner prescribed in the rules of civil procedure
for the service of process, a notice of the proposed
transfer.
(3) The notice required under subdivision (2) shall
include:
(A) a copy of the application;
(B) a copy of the proposed transfer agreement,
including the transferee's:
(i) name;
(ii) address; and
(iii) taxpayer identification
number;
(C) a copy of the disclosure statement provided by
the transferee under section 6 of this chapter whenever
the
application is filed by a person other than the payee;
(D) notification of the date, time, and place of the
hearing on the application; and
(E) notification that an interested party may support,
oppose, or otherwise respond to the application, either
in
person or by counsel, by:
(i) submitting to the
court a written response containing the interested party's
support of, opposition to, or
comments on the application; or
(ii) participating in
the hearing.
(4) At the conclusion of the hearing on an application
filed under subsection (a), the court may enter an order:
(A) granting approval with or without modification;
or
(B) denying approval; of the transfer.
If the court grants approval of the transfer, the court
shall include in the
order all of the express findings required under section
7 of this chapter. If the court denies the approval
of the
transfer, the court shall include in the order the reasons
for the denial.
(5) An order of the court made under subdivision (4)
is a final and appealable order.
34-50-2-9 Effect of disapproval of transfers; waiver
prohibited; unlawful transfers
Sec. 9. (a) A payee who proposes to make a transfer
of structured settlement payment rights does not:
(1) incur a penalty;
(2) forfeit an application fee or other payment; or
(3) otherwise incur a liability to the proposed transferee;
if the transfer is not approved by a court under section
7 of this chapter.
(b) A provision of this chapter may not be waived.
(c) This chapter does not:
(1) authorize a transfer of structured settlement payment
rights in contravention of applicable law; or
(2) give effect to a transfer of structured settlement
payment rights that is void under applicable law.
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