Assembly Bill A6786

Signed By Governor
2009-2010 Legislative Session

Relates to court approval of transfers of structured settlements

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S3681 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2009-A6786 (ACTIVE) - Details

See Senate Version of this Bill:
S3681
Law Section:
General Obligations Law
Laws Affected:
Amd ยง5-1705, Gen Ob L

2009-A6786 (ACTIVE) - Summary

Relates to court approval of transfers of structured settlements; requires an order to show cause and attendance of the payee.

2009-A6786 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6786

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 12, 2009
                               ___________

Introduced  by  M. of A. WEINSTEIN -- (at request of the Office of Court
  Administration) -- read once and referred to the Committee on  Judici-
  ary

AN  ACT  to  amend  the  general  obligations  law, in relation to court
  approvals of transfers of structured settlements

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. Section 5-1705 of the general obligations law, as added by
chapter 537 of the laws of 2002, is amended to read as follows:
  S 5-1705. Procedure for approval  of  transfers.  (a)  An  action  for
approval  of a transfer of a structured settlement shall be by a special
proceeding BROUGHT ON ONLY BY ORDER TO SHOW CAUSE.
  (b) Such proceeding shall be commenced to obtain approval of a  trans-
fer  of  structured  settlement payment rights. Such proceeding shall be
commenced:
  (i) in the supreme court of the county in which the payee resides; or
  (ii) in any court which approved the structured settlement agreement.
  (c) A copy of the [notice of petition and petition or] order  to  show
cause  and petition shall be served upon all interested parties at least
twenty days before the time at which  the  petition  is  noticed  to  be
heard.  A  response shall be served at least seven days before the peti-
tion is noticed to be heard.
  (d) A petition for approval of a  transfer  of  structured  settlement
payment rights shall include:
  (i) a copy of the transfer agreement;
  (ii)  a  copy  of the disclosure statement and proof of notice of that
statement required under section 5-1703 of this title; [and]
  (iii) a listing of each of the payee's dependents, together with  each
dependent's age; AND
  (IV)  A  STATEMENT  SETTING FORTH WHETHER THERE HAVE BEEN ANY PREVIOUS
TRANSFERS OR APPLICATIONS FOR  TRANSFER  OF  THE  STRUCTURED  SETTLEMENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10104-02-9
              

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