§ 5-1705 — Procedure for approval of transfers

New York § 5-1705

• Jurisdiction: New York
• Law GOB: General Obligations
• Title 17: Structured Settlement Protection Act
• Art. 5: Creation, Definition and Enforcement of Contractual Obligations

Text

§ 5-1705. Procedure for approval of transfers. (a) An action for\napproval of a transfer of a structured settlement shall be by a special\nproceeding brought on only by order to show cause.\n (b) Such proceeding shall be commenced to obtain approval of a\ntransfer of structured settlement payment rights. Such proceeding shall\nbe commenced:\n (i) in the supreme court of the county in which the payee resides; or\n (ii) in any court which approved the structured settlement agreement.\n (c) A copy of the order to show cause and petition shall be served\nupon all interested parties at least twenty days before the time at\nwhich the petition is noticed to be heard. A response shall be served at\nleast seven days before the petition is noticed to be heard.\n (d) A petition for approval of a transfer of structured settlement\npayment rights shall include:\n (i) a copy of the transfer agreement;\n (ii) a copy of the disclosure statement and proof of notice of that\nstatement required under section 5-1703 of this title;\n (iii) a listing of each of the payee's dependents, together with each\ndependent's age; and\n (iv) a statement setting forth whether there have been any previous\ntransfers or applications for transfer of the structured settlement\npayment rights and giving details of all such transfers or applications\nfor transfer.\n (e) On the hearing, the payee shall attend before the court unless\nattendance is excused for good cause.\n