Source: http://www.settlementexchange.org/state-structured-settlement-protection-act/sell-structured-settlements-mississippi-sell-structured-insurance-settlements-2/
Timestamp: 2019-04-25 20:09:47+00:00

Document:
Prior to selling structured insurance settlements in MS, one needs to be keenly aware of their rights as a structured insurance settlement recipient under the Mississippi Structured Settlement Protection Act.
Receiving lump sum cash for structured settlement payments can be an exciting proposition to a structured insurance settlement recipient in Mississippi. Settlement Exchange recommends that you review your structured insurance recipient and annuitant rights before contemplating the sale of structured settlement payments in Mississippi 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 Mississippi 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 Mississippi Structured Settlement Protection Act dictates that a transferee of structured settlements must reside in the state of Mississippi. A Mississippi 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 Mississippi Structured Settlement Protection Act and a direct link for your benefit.
Sources: Laws, 2002, ch. 530, § 1, eff from and after July 1, 2002.
(g) “Net advance amount” means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under Section 11-57-5(e).
(h) “Payee” means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights thereunder.
(q) “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 other approval of any court or responsible administrative authority or other government authority that authorized or approved such structured settlement.
(r) “Transfer” means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; provided that the term “transfer” does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to such insured depository institution, or an agent or successor in interest thereof, or otherwise to enforce such blanket security interest against the structured settlement payment rights.
(t) “Transfer expenses” means all expenses of a transfer that are required under the transfer agreement to be paid by the payee or deducted from the gross advance amount, including, without limitation, court filing fees, attorney’s fees, escrow fees, lien recordation fees, judgment and lien search fees, finder’s fees, commissions, and other payments to a broker or other intermediary; “transfer expenses” do not include preexisting obligations of the payee payable for the payee’s account from the proceeds of a transfer.
Sources: Laws, 2002, ch. 530, § 2, eff from and after July 1, 2002.
§ 11-57-7. Transfers of structured settlement payment rights.
§ 11-57-9. Consequences of transfer.
Sources: Laws, 2002, ch. 530, § 5, eff from and after July 1, 2002.
§ 11-57-11. Application for transfer; notification; hearing.
Sources: Laws, 2002, ch. 530, § 6, eff from and after July 1, 2002.
§ 11-57-13. Transferee and payee responsibilities.
Sources: Laws, 2002, ch. 530, § 7, eff from and after July 1, 2002.
Sources: Laws, 2002, ch. 530, § 8, eff from and after July 1, 2002.

References: § 1
 § 2

§ 11

§ 11
 § 5

§ 11
 § 6

§ 11
 § 7
 § 8