Indiana Code 34-50-2-9. Effect of disapproval of transfers; waiver prohibited; unlawful transfers
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Sec. 9. (a) A payee who proposes to make a transfer of structured settlement payment rights does not:
(2) forfeit an application fee or other payment; or
(1) incur a penalty;
Terms Used In Indiana Code 34-50-2-9
- 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) otherwise incur a liability to the proposed transferee;
if the transfer is not approved by a court under section 7 of this chapter.
(b) A provision of this chapter may not be waived.
(c) This chapter does not:
(1) authorize a transfer of structured settlement payment rights in contravention of applicable law; or
(2) give effect to a transfer of structured settlement payment rights that is void under applicable law.
As added by P.L.219-2001, SEC.6.