Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 5-1705
Procedure for approval of transfers
General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 17
§ 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
transfer 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 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 petition 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;

(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
payment rights and giving details of all such transfers or applications
for transfer.

(e) On the hearing, the payee shall attend before the court unless
attendance is excused for good cause.