Indiana Code 34-50-2-7. Final orders; findings
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Sec. 7. An Indiana court of competent jurisdiction may approve a transfer of structured settlement payment rights only in a final order that is based on the express findings of the court. The express findings must include all of the following:
(2) The transfer is in the best interest of the payee.
(1) The consideration that the payee will receive for the transfer reasonably reflects the present fair market value of the future periodic payments under the structured settlement agreement.
Terms Used In Indiana Code 34-50-2-7
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
(3) The transfer will not materially impair the payee’s ability to discharge the payee’s obligations to the payee’s dependents.
(4) If the transferee is the applicant, the transferee has provided to the payee a disclosure statement in accordance with section 6 of this chapter.
As added by P.L.219-2001, SEC.6.