Source: http://www.settlementexchange.org/state-structured-settlement-protection-act/sell-structured-settlements-georgia-sell-structured-settlements/
Timestamp: 2019-04-25 20:20:43+00:00

Document:
Prior to selling structured insurance settlements in GA, one needs to be keenly aware of their rights as a structured insurance settlement recipient under the Georgia Structured Settlement Protection Act.
Receiving lump sum cash for structured settlement payments can be an exciting proposition to a structured insurance settlement recipient in Georgia. Settlement Exchange recommends that you review your structured insurance recipient and annuitant rights before contemplating the sale of structured settlement payments in Georgia or even procuring cash quotes for your structured settlement.
We firmly believe that basic education is the key to securing the best quotes for structured insurance settlements and lottery annuity payments. We always advise that one knows their rights as protected under the Georgia Structured Settlement Protection Act. We also advise that one should secure their own legal advice before attempting to get cash for structured settlement payments.
The Georgia Structured Settlement Protection Act dictates that a transferee of structured settlements must reside in the state of Georgia. A Georgia State court must also approve the selling of the structured insurance settlement and the sale of structured insurance settlements has to be in the best interest of the structured settlement recipient in all cases.
We have attached a copy of the Georgia Structured Settlement Protection Act and a direct link for your benefit.
(1) ”Administrator” means the administrator of the “Fair Business Practices Act of 1975″ appointed pursuant to subsection (a) of Code Section 10-1-395 or his or her designee.
(2) ”Annuity issuer” means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement.
(iii) In whose courts a settled claim was pending when the parties entered into a structured settlement agreement.
(4) ”Discounted present value” means the fair present value of future payments, as determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service.
(5) ”Interested parties” means, with respect to any structured settlement agreement, the payee, any beneficiary designated under the annuity contract to receive payments following the payee’s death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under such structured settlement.
(6) ”Payee” means an individual who is receiving tax-free damage payments under a structured settlement and proposes to make a transfer of payment rights thereunder.
(7) ”Qualified assignment agreement” means an agreement providing for a qualified assignment within the meaning of Section 130 of the United States Internal Revenue Code, United States Code Title 26.
(8) ”Settled claim” means the original tort claim or workers’ compensation claim resolved by a structured settlement.
(9) ”Structured settlement” means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers’ compensation claim.
(10) ”Structured settlement agreement” means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments.
(11) ”Structured settlement obligor” means, with respect to any structured settlement, the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement.
(C) The settled claim was pending before the courts of this state when the parties entered into the structured settlement agreement.
(13) ”Terms of the structured settlement” includes, with respect to any structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving such structured settlement.
(B) Any testamentary disposition by the payee.
(15) ”Transfer agreement” means the agreement providing for the transfer of structured settlement payment rights from a payee to a transferee.
(4) The transferee has given written notice of the transferee’s name, address, and taxpayer identification number to the annuity issuer and the structured settlement obligor and has filed a copy of the notice with the court.
(5) A rule nisi containing notification of the time and place of the hearing and notification of the manner in and the time by which any written response to the application must be filed in order to be considered by the court. A written response shall be filed within 15 days after service of the transferee’s notice.
(c) Delivery of notice as required by subsection (b) of this Code section may be made as provided in Code Section 9-11-4 or by registered or certified mail, return receipt requested. Notice by registered or certified mail is effective upon the date of delivery as shown on the return receipt. If notice by registered or certified mail is refused or returned undelivered, notice shall be delivered as provided in Code Section 9-11-4.
(d) The venue for any application brought under this Code section shall be in the county in which any transferee or transferor resides or in any county in which any of the transferees or transferors have consented to venue.
HISTORY: Code 1981, § 51-12-71, enacted by Ga. L. 1999, p. 853, § 1; Ga. L. 2000, p. 1589, § 3; Ga. L. 2003, p. 820, § 7.
(a) Any transfer agreement of structured settlement payment rights must, in addition to the other requirements of this article, be executed in writing and filed as provided in Code Section 51-12-71. The transfer agreement shall not be so executed until after the expiration of the ten-day period provided for in paragraph (3) of subsection (a) of Code Section 51-12-71.
(b) No payee shall incur any obligation of any type with respect to a proposed transfer of structured settlement payment rights prior to the execution in writing of the transfer agreement.
payment rights, whichever event occurs last.
This cancellation right cannot be waived in any manner.
HISTORY: Code 1981, § 51-12-72, enacted by Ga. L. 1999, p. 853, § 1; Ga. L. 2000, p. 1589, § 3; Ga. L. 2001, p. 4, § 51; Ga. L. 2003, p. 140, § 51; Ga. L. 2003, p. 820, § 8.
(a) The provisions of this article may not be waived.
(2) Any failure by the payee to execute the transfer agreement or any cancellation by the payee within the time prescribed in Code Section 51-12-72.
HISTORY: Code 1981, § 51-12-76, enacted by Ga. L. 1999, p. 853, § 1.
Nothing contained in this article shall be construed to authorize any transfer of structured settlement payment rights in contravention of applicable law or to give effect to any transfer of structured settlement payment rights that is invalid under applicable law.
HISTORY: Code 1981, § 51-12-77, enacted by Ga. L. 1999, p. 853, § 1.
It is hard to turn on the television, computer or even open a newspaper without seeing an expensive ad offering to purchase your Structured Settlements. We encourage you to get quotes on your annuity payment from the companies that advertise on TV every few minutes. Compare them with the structured settlement quotes of our many accredited direct funding sources, who bid for your business. We simply aim to educate you on your rights and provide the best value possible for those who take the time to research selling their annuity payments. There is no obligation, just piece of mind.

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