A direct or indirect transfer of structured settlement payment rights is not effective, and a structured settlement obligor or annuity issuer is not required to make any payment directly or indirectly to any transferee or assignee 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 all of the following apply:
1. The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents, if any;
2. The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived in writing the opportunity to seek and receive such advice; and
3. The transfer does not contravene any applicable statute or any applicable order of any court or other governmental authority.
(Added to NRS by 2021, 1727)
Structure Nevada Revised Statutes
NRS 42.001 - Definitions; exceptions.
NRS 42.030 - Court approval of agreement to transfer structured settlement required.
NRS 42.210 - "Annuity issuer" defined.
NRS 42.215 - "Assignee" defined.
NRS 42.220 - "Dependents" defined.
NRS 42.225 - "Discounted present value" defined.
NRS 42.230 - "Gross advance amount" defined.
NRS 42.235 - "Independent professional advice" defined.
NRS 42.240 - "Interested party" defined.
NRS 42.245 - "Net advance amount" defined.
NRS 42.255 - "Periodic payments" defined.
NRS 42.260 - "Qualified assignment agreement" defined.
NRS 42.265 - "Renewal date" defined.
NRS 42.270 - "Settled claim" defined.
NRS 42.275 - "Structured settlement" defined.
NRS 42.280 - "Structured settlement agreement" defined.
NRS 42.285 - "Structured settlement obligor" defined.
NRS 42.290 - "Structured settlement payment rights" defined.
NRS 42.295 - "Structured settlement purchase company" defined.
NRS 42.300 - "Structured settlement transfer proceeding" defined.
NRS 42.305 - "Terms of the structured settlement" defined.
NRS 42.310 - "Transfer" defined.
NRS 42.315 - "Transfer agreement" defined.
NRS 42.320 - "Transfer expense" defined.
NRS 42.325 - "Transfer order" defined.
NRS 42.330 - "Transferee" defined.
NRS 42.355 - Notice of judgment against structured settlement purchase company; contents of notice.
NRS 42.365 - Certain persons exempt from registration.
NRS 42.370 - Prohibited acts; remedies for violation.
NRS 42.380 - Required disclosures to payee.
NRS 42.385 - Approval of transfers of structured settlement payment rights.
NRS 42.390 - Effects of transfer of structured settlement payment rights.
NRS 42.395 - Procedure for approval of transfer of structured settlement payment rights.