Sec. 1. (a) As set forth in IC 4-30-11-2.5, a person who has won a prize from the state lottery commission created under IC 4-30-3 may file a verified petition with the Marion circuit court to approve the assignment of a prize payment or payments.

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Terms Used In Indiana Code 34-28-9.2-1

  • Contract: A legal written agreement that becomes binding when signed.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
     (b) A verified petition filed under this section must include:

(1) statements that the person understands:

(A) the assignment of the prize payment or payments is voluntary; and

(B) their right to solicit multiple bids for their prize payments;

(2) a statement explaining to whom the prize payment or payments would be assigned;

(3) a statement that the person is of sound mind, is in full command of the person’s faculties, and is not acting under duress;

(4) a statement detailing that the person has had the opportunity to receive or has received legal, financial, and tax advice from a person or entity other than the person or entity that would be assigned the prize payment or payments;

(5) a statement that the person understands that the person will not receive the future payment or payments of the prize after a prize payment or prize payments are assigned;

(6) a statement that the person understands that, with regard to the assigned payments of the prize, the state lottery commission and its employees are not liable to make any future payments to the person that are subject to an assignment made under IC 4-30-11-2.5;

(7) a statement that the person understands that the person may cancel the contract assigning the person’s prize payment or payments within three (3) business days after the date the contract assigning the prize payment or payments is signed;

(8) details of the proposed assignment, including:

(A) the amount of the prize payments assigned;

(B) the dates the prize payments are assigned;

(C) the purchase price of the prize payments assigned;

(D) the rate of discount to present value, assuming daily compounding and funding on the contract date; and

(E) the amount, if any, of any origination or closing fees charged to the person;

(9) a statement detailing whether the person:

(A) owes child support;

(B) owes money as part of a judgment or garnishment;

(C) has not satisfied an order for criminal restitution; or

(D) owes any debt to an Indiana state agency that has provided written notice to the person regarding the debt;

(10) a sworn affirmation that the contents of the petition are true; and

(11) a statement that the person has had an adequate opportunity to receive multiple bids to assign their prize payment or payments.

As added by P.L.198-2014, SEC.6.

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