2019 New York Laws
GOB - General Obligations
Article 5 - Creation, Definition and Enforcement of Contractual Obligations
Title 17 - Structured Settlement Protection Act
5-1706 - Approval of Transfers of Structured Settlement Payment Rights.

§  5-1706.  Approval  of  transfers  of  structured settlement payment
rights.  No direct or indirect transfer of structured settlement payment
rights shall be  effective  and  no  structured  settlement  obligor  or
annuity  issuer  shall  be  required  to  make  any  payment directly or
indirectly to any transferee of  structured  settlement  payment  rights
unless the transfer has been authorized in advance in a final order of a
court  of  competent  jurisdiction  based  upon express findings by such
court that:

(a) the transfer complies with the requirements of this title;

(b) the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependants; and whether the transaction, including the discount rate used to determine the gross advance amount and the fees and expenses used to determine the net advance amount, are fair and reasonable. Provided the court makes the findings as outlined in this subdivision, there is no requirement for the court to find that an applicant is suffering from a hardship to approve the transfer of structured settlement payments under this subdivision;

(c) 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;

(d) the transfer does not contravene any applicable statute or the order of any court or other government authority; and

(e) is written in plain language and in compliance with section 5-702 of this article.

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