Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to judiciary |
Jun 21, 2017 |
committed to rules |
Jun 05, 2017 |
advanced to third reading |
May 24, 2017 |
2nd report cal. |
May 23, 2017 |
1st report cal.1136 |
May 17, 2017 |
referred to judiciary |
Senate Bill S6407
2017-2018 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- 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
Actions
Votes
2017-S6407 (ACTIVE) - Details
- Current Committee:
- Senate Judiciary
- Law Section:
- General Obligations Law
- Laws Affected:
- Amd §§5-1703, 5-1705 & 5-1708, Gen Ob L
2017-S6407 (ACTIVE) - Summary
Relates to transfers of structured settlements; requires the court to appoint a guardian ad litem when the payee of a structured settlement is an infant; requires the court to appoint an independent advisor to counsel the payee of a structured settlement about the terms of the transfer.
2017-S6407 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6407 TITLE OF BILL : An act to amend the general obligations law, in relation to transfers of structured settlements This is one in a series of measures being introduced at the request of the Chief Administrative Judge upon the recommendation of his Advisory Committee on Civil Practice. This measure would add certain procedural requirements to the laws governing structured settlement transfers. For reasons explained more fully below, we recommend that sections 5-1703, 5-1705 and 5-1708 of the General Obligations Law be amended to require: (1) that the caption of a petition to transfer structured settlement payments identify the transferee as the petitioner and the transferor (L e., the beneficiary, or payee, of the structured settlement payments) as the respondent; (2) that a guardian ad litem be appointed when the payee is an infant or an adult incapable of adequately prosecuting or defending his or her rights; and (3) that an independent advisor be appointed when the payee needs assistance in understanding the legal and financial implications of the transfer. We further recommend that any advance payments by the transferee prior to court approval be at the transferee's risk, in the event the transfer is disallowed, and that the transferee so advise the payee prior to any advance payment. BACKGROUND :
2017-S6407 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6407 2017-2018 Regular Sessions I N S E N A T E May 17, 2017 ___________ Introduced by Sen. BONACIC -- (at request of the Office of Court Admin- istration) -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to transfers of structured settlements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivisions (h) and (i) of section 5-1703 of the general obligations law, as added by chapter 537 of the laws of 2002, are amended and a new subdivision (j) is added to read as follows: (h) the amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; [and] (i) a statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee[.]; AND (J) A STATEMENT THAT THE PAYEE HAS NO OBLIGATION TO PAY BACK ANY SUMS RECEIVED FROM THE TRANSFEREE UNLESS AND UNTIL A COURT OF COMPETENT JURISDICTION HAS APPROVED THE TRANSFER. § 2. Section 5-1705 of the general obligations law, as amended by chapter 511 of the laws of 2010, is amended to read as follows: § 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. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09880-03-7
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