South Carolina Code 15-50-60. Application for approval of transfer; notice of hearing
(B) For applications made on or after January 1, 2024, for the approval of a transfer of structured settlement payment rights pursuant to this chapter, 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 South Carolina Code 15-50-60
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assignee: means a person acquiring or proposing to acquire structured settlement payments from a structured settlement purchase company or transferee after, or concurrently with, the transfer of the structured settlement payment rights by the payee to the structured settlement purchase company or transferee. See South Carolina Code 15-50-20
- Dependent: A person dependent for support upon another.
- Dependents: include a payee's spouse and minor children and all other persons for whom the payee legally is obligated to provide support, including alimony. See South Carolina Code 15-50-20
- Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
- 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.
- Interested parties: means , with respect to a structured settlement, the payee, a beneficiary irrevocably designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party to the structured settlement that has continuing rights or obligations to receive or make payments under the structured settlement. See South Carolina Code 15-50-20
- Payee: means an individual who is receiving tax-free payments under a structured settlement and who proposes to make a transfer of payment rights under the settlement. See South Carolina Code 15-50-20
- 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 an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim. See South Carolina Code 15-50-20
- Structured settlement payment rights: means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, if the:
(a) payee is domiciled in, or the domicile or principal place of business of the structured settlement obligor or the annuity issuer is located in, this State; or
(b) structured settlement agreement was approved by a court in this State; or
(c) structured settlement agreement is governed expressly by the laws of this State. See South Carolina Code 15-50-20 - Structured settlement purchase company: means a person who acts as a transferee in the State and who is registered with the Secretary pursuant to § 15-50-80 through § 15-50-150. See South Carolina Code 15-50-20
- Transfer: means the sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration; except that the term "transfer" does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of an action to redirect the structured settlement payments to the insured depository institution, or an agent or successor in interest of it, or otherwise to enforce the blanket security interest against the structured settlement payment rights. See South Carolina Code 15-50-20
- Transfer agreement: means the agreement providing for a transfer of structured settlement payment rights. See South Carolina Code 15-50-20
- Transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer. See South Carolina Code 15-50-20
(C) 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.
(D) Not less than twenty days before the scheduled hearing on an application for approval of a transfer of structured settlement payment rights pursuant to § 15-50-40, the transferee must file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization. The notice must include:
(1) a copy of the transferee’s application;
(2) a copy of the transfer agreement;
(3) a copy of the disclosure statement required pursuant to § 15-50-30;
(4) the payee’s name, age, and county of domicile;
(5) a listing of each of the payee’s dependents, and each dependent‘s age;
(6)(a) any prior transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate to an assignee which were approved; (b) any proposed transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate; (c) and any applications for approval made by the transferee or an affiliate, or through the transferee or an affiliate to an assignee, which were denied;
(7) a sworn affidavit from the transferee listing any prior transfers by the payee that includes the details of the reasonable measures taken to search for and identify prior transfers to any person or entity other than the transferee or an affiliate or an assignee of the transferee and any prior proposed transfer applications by the payee to any person or entity other than the transferee or an affiliate or an assignee of a transferee or affiliate which were denied;
(8) an affidavit from the payee disclosing all prior transfers by the payee to any person or entity;
(9) notification that an interested party may support, oppose, or otherwise respond to the transferee’s application, in person or by counsel, by submitting written comments to the court, or by participating in the hearing; and
(10) notification of the time and place of the hearing and notification of the manner and the time for filing written responses to the application, which must be not less than fifteen days after service of the transferee’s notice, for consideration by the court.
(E) 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.