This text of North Dakota § 32-03.4-03 (Approval of transfers of structured settlement payment rights) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A direct or indirect transfer of structured settlement payment rights is not effective and a
structured settlement obligor or annuity issuer may not 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 the following express findings by
the court:
1.The transfer is in the best interest of the payee, taking into account the welfare and
support of the payee's dependents and whether the transaction, including the discount
rate used to determine the gross advance amount and the fees and expenses used to
determine the net advance amount, are fair and reasonable. If the court makes the
findings as outlined in this subsection, there is not a requirement for
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A direct or indirect transfer of structured settlement payment rights is not effective and a
structured settlement obligor or annuity issuer may not 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 the following express findings by
the court:
1. The transfer is in the best interest of the payee, taking into account the welfare and
support of the payee's dependents and whether the transaction, including the discount
rate used to determine the gross advance amount and the fees and expenses used to
determine the net advance amount, are fair and reasonable. If the court makes the
findings as outlined in this subsection, there is not a requirement for the court to find
that an applicant is suffering from a hardship to approve the transfer of structured
settlement payments under this subsection;
2. The payee has been advised in writing by the transferee to seek independent
professional advice regarding the transfer and has either received that advice or
knowingly waived the advice in writing; and
3. The transfer does not contravene any applicable statute or the order of any court or
other governmental authority.