Einstein Structured Funding
Working with us is GENIUS
1-888-497-0724
The Smarter way to
manage your settlement
Highest cash offer 100% guaranteed.

HB 52 Structured Settlement Protection Act; amends Act so obligor and issuer may rely on court order.

Structured settlements. Amends the Structured Settlement Protection Act (the Act) to provide that the structured settlement obligor and the annuity issuer may rely on a court order approving a transfer of structured settlement payment rights in redirecting periodic payments to an assignee or transferee in accordance with the order. The measure provides that upon entry of such an order the structured settlement obligor and the annuity issuer shall be discharged and released from any and all liability for the transferred redirected payments as to all parties except the transferee or an assignee designated by the transferee. The discharge and release of the structured settlement obligor and the annuity issuer shall not be affected by the failure of any party to the transfer to comply with the Act or with the court order approving the transfer. The measure also provides that an application for approval of a structured settlement transfer shall be brought in the circuit court of the county in which the payee is domiciled at the time the transfer agreement was signed or, if the payee is not domiciled in Virginia, then the application may be brought in the court in Virginia that approved the structured settlement agreement. The payee is required to appear in person at the hearing unless the court finds that good cause exists to excuse such an appearance. The measure also provides that a court may hear an application for transfer of payment rights under a structured settlement despite the existence of terms in the underlying structured settlement agreement that purports to restrict or preclude the payee's right or power to sell, assign, or encumber structured settlement payment rights. An application for approval of a transfer is required to include a summary of information regarding prior transfers and notice of the hearing. The period in which responses to the application must be filed with the court is changed from not less than 15 days after service of the notice to five days prior to the hearing. Existing provisions that provide for approval of a transfer of structured settlement payment rights by a responsible administrative authority are deleted from the Act.