Indiana Code 34-50-2-5. Court approval of transfers required
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Terms Used In Indiana Code 34-50-2-5
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- structured settlement: means periodic payments of damages established by a settlement or a court judgment in resolution of a tort claim for personal injury. See Indiana Code 34-50-2-2
- transfer: means a:
Indiana Code 34-50-2-3
- transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer agreement. See Indiana Code 34-50-2-4
Sec. 5. 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, unless an Indiana court of competent jurisdiction has approved the transfer in a final order in accordance with sections 7 and 8 of this chapter.
As added by P.L.219-2001, SEC.6.