Source: http://www.settlementexchange.org/state-structured-settlement-protection-act/sell-structured-settlements-washington-sell-structured-insurance-settlements/
Timestamp: 2019-02-17 22:31:15
Document Index: 168466908

Matched Legal Cases: ['§ 2', '§ 3', '§ 4', '§ 5', '§ 4', '§ 6', '§ 7', '§ 1']

Prior to selling structured insurance settlements in WA, one needs to be keenly aware of their rights as a structured insurance settlement recipient under the Washington Structured Settlement Protection Act.
Receiving lump sum cash for structured settlement Payments can be an exciting proposition to a structured insurance settlement recipient in Washington. Settlement Exchange recommends that you review your structured insurance recipient and annuitant rights before contemplating the sale of structured settlement payments in Washington 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 Washington 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 Washington Structured Settlement Protection Act dictates that a transferee of structured settlements must reside in the state of Washington. A Washington 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 Washington Structured Settlement Protection Act and a direct link for your benefit.
http://apps.leg.wa.gov/RCW/default.aspx?cite=19.205
RCW 19.205.010Definitions.
(2) “Dependents” means a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony.
(3) “Discounted present value” means the present value of future payments 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.
(4) “Gross advance amount” means the sum payable to the payee or for the payee’s account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration.
(6) “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.
(7) “Net advance amount” means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under RCW 19.205.020(5).
(8) “Payee” means an individual who is receiving tax-free payments under a structured settlement and proposes to make a transfer of payment rights thereunder.
(9) “Periodic payments” means (a) recurring payments and (b) scheduled future lump sum payments.
(10) “Qualified assignment agreement” means an agreement providing for a qualified assignment within the meaning of section 130 of the United States internal revenue code (26 U.S.C. Sec. 130), as amended.
(11) “Responsible administrative authority” means, with respect to a structured settlement, any government authority vested by law with exclusive jurisdiction over the settled claim resolved by such structured settlement.
(13) “Structured settlement” means an arrangement for periodic payment of compensation for injuries or sickness as described in 26 U.S.C. Sec. 104(a)(1) or (2), as amended, or an arrangement for periodic payment of benefits under a special needs trust as described in 42 U.S.C. Sec. 1396p(d)(4), as amended.
(17) “Terms of the structured settlement” means, 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.
(18) “Transfer” means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. However, “transfer” does not mean 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.
(20) “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, attorneys’ fees, escrow fees, lien recordation fees, judgment and lien search fees, finders’ fees, commissions, and other payments to a broker or other intermediary. “Transfer expenses” does not mean preexisting obligations of the payee payable for the payee’s account from the proceeds of a transfer.
[2001 c 178 § 2.]
RCW 19.205.020Disclosure statement — Content.
(3) The discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities,” and the amount of the applicable federal rate used in calculating such discounted present value;
[2001 c 178 § 3.]
RCW 19.205.030Structured settlement payment rights — Transfer — Order — Express findings.
[2001 c 178 § 4.]
RCW 19.205.040Posttransfer of rights — Liabilities — Requirements.
[2001 c 178 § 5.]
001 c 178 § 4.]
RCW 19.205.050Application/approval of transfer — Notice — Content.
[2001 c 178 § 6.]
RCW 19.205.060Transfer agreements — Further provisions.
[2001 c 178 § 7.]
RCW 19.205.900Short title.
[2001 c 178 § 1.]