Texas Civil Practice & Remedies Code - Section 141.004. Approval Of Transfers Of Structured Settlement Payment Rights
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Texas Laws > Civil Practice & Remedies Code > Texas Civil Practice & Remedies Code - Section 141.004. Approval Of Transfers Of Structured Settlement Payment Rights
§ 141.004. APPROVAL OF TRANSFERS OF STRUCTURED SETTLEMENT
PAYMENT RIGHTS. No direct or indirect transfer of structured
settlement payment rights shall be effective and no structured
settlement obligor or annuity issuer shall be required to make any
payment directly or indirectly to any transferee of structured
settlement payment rights unless the transfer has been approved in
advance in a final court order based on express findings by the
court that:
(1) the transfer is in the best interest of the payee,
taking into account the welfare and support of the payee's
dependents;
(2) the payee has been advised in writing by the
transferee to seek independent professional advice regarding the
transfer and has either received the advice or knowingly waived the
advice in writing; and
(3) the transfer does not contravene any applicable
statute or an order of any court or other governmental authority.
Added by Acts 2001, 77th Leg., ch. 96, § 1, eff. Sept. 1, 2001.
Section: 139.001 139.002 139.101 139.102 141.001 141.002 141.003 141.004 141.005 141.006 141.007 143.001 143.002 144.001 144.005
Last modified: August 11, 2007
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