Source: http://www.bentzenfinancial.com/resources/state-laws/mississippi/
Timestamp: 2019-02-20 01:25:18
Document Index: 591970341

Matched Legal Cases: ['§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11', '§ 11']

Mississippi - Bentzen Financial
State Laws - Mississippi
The Mississippi Structured Settlement Protection Statute
§ 11-57-1. Short title
This chapter shall be known and may be cited as the “Structured Settlement Protection Act.”
§ 11-57-3. Definitions
The following words and phrases shall have the meanings ascribed herein, unless the context clearly indicates otherwise:
(f) “Interested parties” means, with respect to any structured settlement, the payee, any beneficiary irrevocably 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.
(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 3(e) of this act.
(h) “Payee” means an individual who is receiving tax-freepayments under a structured settlement and proposes to make a transfer of payment rights thereunder.
(i) “Periodic payments” includes both recurring payments and scheduled future lump-sum payments.
(j) “Qualified assignment agreement” means an agreement providing for a qualified assignment within the meaning of 26 USCS 130.
(m) “Structured settlement” means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers’ compensation claim.
§ 11-57-5. Disclosure statement
Not less than three (3) days before the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen (14) points, setting forth:
(e) An itemized listing of all applicable transfer expenses, other than attorney’s fees and related disbursement payable in connection with the transferee’s application for approval of the transfer, and the transferee’s best estimate of the amount of any such fees and disbursements;
§ 11-57-7. Transfer of payment rights; conditions
(a) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents;
§ 11-57-9. Effect of transfer
(ii) For any other liabilities or costs, including reasonable costs and attorney’s fees, arising from compliance by such parties with the order of the court or responsible administrative authority or arising as a consequence of the transferee’s failure to comply with this act;
§ 11-57-11. Transfer approval procedure
(c) A copy of the disclosure statement required under Section 11-57-5;
(e) Notification that any interested party is entitled to support, oppose or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and
(f) Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed which shall be not less than fifteen (15) days after service of the transferee’s notice in order to be considered by the court or responsible administrative authority.
§ 11-57-13. Law governing; life-contingencies; construction; liabilities
(2) Any transfer agreement entered into on or after the effective date of this chapter by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
(3) No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for (a) periodically confirming the payee’s survival, and (b) giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee’s death.
(4) No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to be proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this chapter.
(5) Nothing contained in this chapter shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into before the effective date of this chapter is valid or invalid.
(6) Compliance with the requirements set forth in § 11-57-5 and fulfillment of the conditions set forth in § 11-57-7 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.
§ 11-57-15. Application of Chapter