State Laws - Wyoming
The Wyoming Structured Settlement Protection Statute
W.S.1977 § 1-16-605
§ 1-16-605. Effects of transfer of structured settlement payment rights
(a) Following a transfer of structured settlement payment rights under this act:
(i) The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments;
(ii) The transferee shall be liable to the structured settlement obligor and the annuity issuer:
(A) If the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and
(B) For any other liabilities or costs, including reasonable costs and attorneys’ fees arising from compliance by such parties with the order of the court or arising as a consequence of the transferee’s failure to comply with this act.
(iii) Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between two (2) or more transferees or assignees; and
(iv) Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all requirements of this act.
§ 1-16-606. Procedure for approval of transfers
(a) An application under this act for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the Wyoming district court that approved the structured settlement payment rights, or the Wyoming district court in the county where the payee resides without regard to where the structured settlement payment rights may have accrued.
(b) Not less than twenty (20) days prior to the scheduled hearing on an application for approval of a transfer of structured settlement payment rights under W.S. 1-16-604, the transferee shall file with the court and serve all interested parties a notice of the proposed transfer and application for its authorization, including with the notice:
(i) A copy of the transferee’s application for transfer;
(ii) A copy of the transfer agreement;
(iii) A copy of the disclosure statement required under W.S. 1-16-603;
(iv) A listing of each of the payee’s dependents, together with each dependent’s age and date of birth;
(v) Notification that any interested party may support, oppose or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing; and
(vi) Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application shall be filed, which time shall be not less than fifteen (15) days after service of the transferee’s notice, in order to be considered by the court.
§ 1-16-607. General provisions; construction
(a) The provisions of this act may not be waived by any payee.
(b) Any transfer agreement entered into on or after July 1, 2006 by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
(c) No transfer of structured settlement payment rights shall extend to any payments that are life-contingent unless, prior to the date on which the payee signs the transfer agreement, the transferee has established and has agreed to maintain procedures reasonably satisfactory to the annuity issuer and the structured settlement obligor for:
(i) Periodically confirming the payee’s survival; and
(ii) Giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee’s death.
(d) No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of the transfer to satisfy the requirements of this act.
(e) Nothing contained in this act shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to July 1, 2006 is valid or invalid.
(f) Compliance with the requirements of W.S. 1-16-603 and fulfillment of the conditions set forth in W.S. 1-16-604 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with the requirements of W.S. 1-16-603 or failure to fulfill the conditions set forth in W.S. 1-16-604.
W. S. 1977 § 1-16-607, WY ST § 1-16-607
Current through the 2007 General Session of the Wyoming Legislature.
© 2007 Thomson/West