Nevada Revised Statutes 42.400 – General provisions; construction
1. The provisions of NRS 42.200 to 42.400, inclusive, may not be waived by a payee.
Terms Used In Nevada Revised Statutes 42.400
- 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.
2. Any transfer agreement entered into by a payee who is domiciled in this State must provide that disputes under the transfer agreement, including, without limitation, any claims that the payee has breached the agreement, must be determined in and under the laws of this State. A transfer agreement must not authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
3. A transfer of structured settlement payment rights must not extend to any payments that are life-contingent unless, before the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the structured settlement obligor and the annuity issuer for periodically confirming the payee’s survival and giving the structured settlement obligor and the annuity issuer prompt written notice in the event of the payee’s death.
4. 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 must promptly request the dismissal of the application.
5. A payee who proposes to make a transfer of structured settlement payment rights does not 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 the transfer to satisfy the conditions of NRS 42.200 to 42.400, inclusive.
6. Nothing contained in NRS 42.200 to 42.400, inclusive, shall:
(a) 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 before October 1, 2021, is valid or invalid.
(b) Affect the validity of any transfer of structured settlement payment rights, whether under a transfer agreement entered into before or after October 1, 2021, in which the structured settlement obligor and annuity issuer waived, or have not asserted their rights under, terms of the structured settlement prohibiting or restricting the sale, assignment or encumbrance of the structured settlement payment rights.
7. Compliance with the requirements set forth in NRS 42.200 to 42.400, inclusive, and fulfillment of the conditions set forth in NRS 42.200 to 42.400, inclusive, are solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer, if any, has any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.
8. NRS 42.200 to 42.400, inclusive, apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after October 1, 2021.