Nevada Revised Statutes 42.395 – Procedure for approval of transfer of structured settlement payment rights
1. An application under NRS 42.200 to 42.400, inclusive, for approval of a transfer of structured settlement payment rights must be made by the transferee. The application must be brought in the district court of the county in which the payee is domiciled, except that if the payee is not domiciled in this State, the application must be brought in the court in this State that approved the structured settlement agreement.
Terms Used In Nevada Revised Statutes 42.395
- county: includes Carson City. See Nevada Revised Statutes 0.033
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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. A timely hearing must be held on an application for approval of a transfer of structured settlement payment rights. The payee must appear in person at the hearing, unless the court determines that good cause exists to excuse the payee from appearing in person.
3. Not less than 20 days before the scheduled hearing on any application for approval of a transfer of structured settlement payment rights pursuant to NRS 42.200 to 42.400, inclusive, the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for authorization. The notice and application must include all of the following:
(a) A copy of the transferee’s application.
(b) A copy of the transfer agreement.
(c) A copy of the disclosure statement required by NRS 42.380.
(d) The payee’s name, age and county of domicile, and the age of each of the payee’s dependents, if any.
(e) A summary of:
(1) All prior transfers by the payee to the transferee or an affiliate of the transferee, or through the transferee or an affiliate of the transferee to an assignee, within the 4 years immediately preceding the date of the transfer agreement;
(2) All proposed transfers by the payee to the transferee or an affiliate of the transferee, or through the transferee or an affiliate of the transferee, the applications for approval of which were denied within the 2 years immediately preceding the date of the transfer agreement;
(3) All prior transfers by the payee to any person or entity other than the transferee or an affiliate of the transferee or an assignee of the transferee or an affiliate of the transferee within the 3 years immediately preceding the date of the transfer agreement, to the extent that the transfers or proposed transfers have been disclosed to the transferee by the payee in writing or otherwise are actually known to the transferee; and
(4) All prior proposed transfers by the payee to any person or entity other than the transferee or an affiliate of the transferee or an assignee of the transferee or affiliate of the transferee, the applications for approval of which were denied within the 1 year immediately preceding the date of the current transfer agreement, to the extent that the transfers or proposed transfers have been disclosed to the transferee by the payee in writing or otherwise are actually known to the transferee.
(f) Notification that any interested party is entitled to support, oppose or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing.
(g) Notification of the time and place of the hearing and notification of the manner in which and the date by which written responses to the application must be filed to be considered by the court, which date must not be less than 5 days before the hearing.
(h) Evidence of the transferee’s registration to do business in this State as a structured settlement purchase company.