Nevada Revised Statutes 42.375 – Applicant for approval of transfer of structured settlement payment rights required to provide evidence of registration; transfer order signed by court constitutes qualified order under federal law if transferee is re…
‘ 1. At the time an application is made under NRS 42.200 to 42.400, inclusive, for the approval of a transfer of structured settlement payment rights, the application of the transferee must include evidence that the transferee is registered to do business in this State as a structured settlement purchase company.
Terms Used In Nevada Revised Statutes 42.375
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
2. Except as otherwise provided in this subsection, a transfer order signed by a district court of competent jurisdiction pursuant to NRS 42.200 to 42.400, inclusive, constitutes a qualified order under 26 U.S.C. § 5891. If a transferee to which the transfer order applies is not registered as a structured settlement purchase company pursuant to NRS 42.200 to 42.400, inclusive, at the time the transfer order is signed, the transfer order does not constitute a qualified order under 26 U.S.C. § 5891.