Louisiana Revised Statutes 9:2713.9 – General provisions; construction
Terms Used In Louisiana Revised Statutes 9:2713.9
- 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.
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- 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.
A. The provisions of this Act may not be waived by any payee.
B. Any transfer agreement entered into on or after July 1, 2020, by a payee who is domiciled in this state shall provide that disputes under such transfer agreement, including any claims that the payee has breached the agreement, shall be determined in and under the laws of the state of Louisiana. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for periodically confirming the payee’s survival and giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee’s death.
D. If the payee cancels a transfer agreement, or if the transfer agreement otherwise terminates, after an application for approval of a transfer of structured settlement payment rights has been filed and before it has been granted or denied, the transferee shall promptly request dismissal of the application.
E. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this Act.
F. Nothing contained in this Act shall be construed to authorize any transfer of structured settlement payment rights in contravention of any applicable law or to imply that any transfer under a transfer agreement entered into prior to July 1, 2020, is valid or invalid.
G. The compliance with the requirements set forth in La. Rev. Stat. 9:2713.5 and fulfillment of the conditions set forth in La. Rev. Stat. 9:2713.6 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.
Acts 2019, No. 260, §1, eff. July 1, 2020.