Colonial pays cash for structured settlements!

Missouri statues regarding Structured Settlements. This state statute overseeing the sale of structured settlement payments and the buying of annuities is not exactly the Model Act but complies with Federal Law (Colonial's interpretation) VERNON'S ANNOTATED MISSOURI STATUTES TITLE XXVI. TRADE AND COMMERCE CHAPTER 407. MERCHANDISING PRACTICES STRUCTURED SETTLEMENT ACT Current through West ID 10 of the 2002 2nd Regular Session of the 91st General Assembly

<< Return to State Index  |  << Return to Part 1

407.1064. Application for approval of transfer of structured settlement

1. An application pursuant to sections 407.1060 to 407.1068 for approval of a transfer of structured settlement payment rights may be brought in the circuit court in the county in which the payee is domiciled, or in any court which approved the structured settlement agreement.

2. Not less than twenty days prior to the scheduled hearing on any application for court approval of a transfer of structured settlement payment rights pursuant to section 407.1062, the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for its approval, including in the notice:

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

(2) A copy of the disclosure statement required pursuant to subdivision (2) of section 407.1062; and

(3) 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 may be filed by interested parties, which shall be not less than ten days after service of the transferee's notice, in order to be considered by the court.

3. The provisions of sections 407.1060 to 407.1068 may not be waived.

407.1066. Rescission of transfer agreement--liquidated damages--jurisdiction

1. A payee who enters into a transfer agreement shall have an absolute, irrevocable right to rescind and cancel such transfer agreement, with no penalty or other obligation, by giving written notice of rescission to the transferee at any time during the five days following the signing of the transfer agreement.

2. Any provision in a transfer agreement to pay liquidated damages, penalties, fees, actual or punitive damages, attorneys' fees or costs of any kind or nature to any person, firm, corporation or other entity which will be a party or third-party beneficiary to the transfer or transfer agreement shall be unenforceable.

3. Nothing contained in sections 407.1060 to 407.1068 shall be construed to authorize any transfer of structured settlement payment rights or other rights arising under a tort claim or a workers' compensation claim in contravention of applicable law or to give effect to any transfer of such rights that is invalid under applicable law.

4. Any provision in a transfer agreement that consents to jurisdiction in the courts of another state, requires appointment of an agent for service of process, confesses judgment, or selects a forum for resolution of disputes arising out of a transfer

<< Return to State Index  |  << Return to Part 1