§ 34-50-2-8 — Applications for approval of transfers

Indiana § 34-50-2-8

• Jurisdiction: Indiana
• Title 34: CIVIL LAW AND PROCEDURE
• Art. 50: SETTLEMENT OF CLAIMS
• Ch. 2: Annuity Structured Settlements

Text

(a) An application under this chapter for
approval of a transfer of structured settlement payment rights must be
filed in:
(1) the Indiana court in which the underlying tort action was
pending; or
(2) the court of general jurisdiction in the Indiana county in which
the payee resides.
(b) The following apply to an application filed under subsection (a):
(1) Upon filing of the application, the court shall set a date and
time for a hearing on the application not earlier than twenty (20)
days after the application is filed and shall notify the applicant of
the date, time, and place of the hearing. The court shall give
precedence to a hearing set under this section in accordance with
Indiana Trial Rule 40.
(2) The applicant shall file with the court and shall serve on:
(A) all interested parties;
(B) the annuity issuer; and
(C) the structured settlement obligor;
in the manner prescribed in the rules of civil procedure for the
service of process, a notice of the proposed transfer.
(3) The notice required under subdivision (2) shall include:
(A) a copy of the application;
(B) a copy of the proposed transfer agreement, including the
transferee's:
(i) name;
(ii) address; and
(iii) taxpayer identification number;
(C) a copy of the disclosure statement provided by the
transferee under section 6 of this chapter whenever the
application is filed by a person other than the payee;
(D) notification of the date, time, and place of the hearing on
the application; and
(E) notification that an interested party may support, oppose, or
otherwise respond to the application, either in person or by
counsel, by:
(i) submitting to the court a written response containing the
interested party's support of, opposition to, or comments on
the application; or
(ii) participating in the hearing.
(4) At the conclusion of the hearing on an application filed under
subsection (a), the court may enter an order:
(A) granting approval with or without modification; or
(B) denying approval;
of the transfer. If the court grants approval of the transfer, the
court shall include in the order all of the express findings required
under section 7 of this chapter. If the court denies the approval of
the transfer, the court shall include in the order the reasons for the
denial.
(5) An order of the court made under subdivision (4) is a final and
appealable order.

Legislative History

As added by P.L.219-2001, SEC.6.