78B-6-1504. Approval of transfers of structured settlement payment rights.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Direct or indirect transfer of structured settlement payment rights may not be effective and a structured settlement obligor or annuity issuer may not be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express findings by the court that:

(1)the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;

(2)the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived such advice in writing; and

(3)the transfer does not contravene any applicable statute or the order of any court or other government authority.

Renumbered and Amended by Chapter 3 , 2008 General Session