2017 South Carolina Code of Laws
Title 15 - Civil Remedies and Procedures
CHAPTER 50 - STRUCTURED SETTLEMENT PROTECTION ACT
Section 15-50-40. Direct or indirect transfer of payment rights; approval by final court order.

Universal Citation: SC Code § 15-50-40 (2017)

A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express findings by the court that the:

(1) transfer is in the best interests of the payee, taking into account the welfare and support of the payee's dependents;

(2) payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer or knowingly and in writing has waived receipt of that advice; and

(3) transfer does not contravene an applicable statute or the order of any court or other government authority.

HISTORY: 2002 Act No. 252, Section 1.

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