§ 33.865 — Required findings by court or responsible administrative authority

Oregon § 33.865

• Jurisdiction: Oregon
• Vol.: 1
• Title 3: Remedies and Special Actions and Proceedings
• Ch. 33: Special Proceedings and Procedures

Text

(1) A transfer of payment rights under ORS 33.850 to 33.875 is not effective and an obligor or annuity issuer is not required to make any payments directly or indirectly to a transferee unless the transferee has filed a petition under ORS 33.857 and the transfer is approved by the court or responsible administrative authority based on express findings by the court or authority that:
(a) The transfer is in the best interest of the payee, taking into account the welfare and support of all persons for whom the payee is legally obligated to provide support.
(b) The payee has been advised in writing by the transferee to seek independent professional advice and the payee has either received independent professional advice regarding the transfer or knowingly waived independent professional advice in writing.
(c) The transfer does not contravene any applicable statute or order of any court or other government authority.
(d) The payee understands the transfer agreement, the disclosure statement required under ORS 33.860 and the financial terms of the transfer.
(e) The payee understands the payee’s right to cancel the transfer agreement as set forth in the disclosure statement required by ORS 33.860 and knowingly elected not to cancel the transfer agreement.
(f) The payee confirmed to the court or responsible administrative authority at the hearing that the payee wanted the court or authority to approve the proposed transfer and understood that the court or authority would not approve the transfer if the payee did not want the court or authority to do so.
(2) When determining whether the proposed transfer should be approved, including whether the transfer agreement is fair, reasonable and in the payee’s best interest, the court or responsible administrative authority may consider all relevant information, including information contained in the petition and any other document that is filed with the court or authority and provided at the hearing. Relevant information that may be considered under this subsection includes, but is not limited to:
(a) The reasonable preference and desire of the payee to complete the proposed transfer, taking into account the payee’s age and apparent maturity level.
(b) The purpose of the transfer and the intended use of the proceeds by the payee.
(c) The payee’s financial situation.
(d) Whether the payee depends on the structured settlement payments that the payee proposes to transfer for the payee’s necessary living expenses or required medical care and treatment.
(e) Whether the payee is employed or employable.
(f) The terms of the transfer agreement, including whether the payee is transferring monthly or lump sum payments or all or a portion of the payee’s future payments, the size of the transaction and the financial alternatives available to the payee to achieve the payee’s stated objectives.
(g) Whether the payee has experienced a change in personal, family or financial circumstances.
(h) Whether the payee has income or support other than the future periodic payments sufficient to meet the payee’s future financial obligations for support of the payee’s dependents, including child support obligations.
(i) Whether the terms of the proposed transfer agreement, including the amount to be paid to the payee and the expenses and costs of the transfer for the payee and the transferee are fair and reasonable.
(j) Whether the payee has completed or attempted previous transfers of payment rights.
(k) Whether the payee, or the payee’s family or dependents, may suffer personal, family or financial hardship if the transfer is not approved.
(L) Whether the payee received independent professional advice regarding the transaction.

Legislative History

2005 c.173 §4; 2013 c.736 §7