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Texas Civil Practice and Remedies Code

§ 141.004 — APPROVAL OF TRANSFERS OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

CP § 141.004Title 6. MISCELLANEOUS PROVISIONS · Ch. 141. STRUCTURED SETTLEMENT PROTECTION ACT

Statute text

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No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall 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 express findings by the court that:
(1)the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;
(2)the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received the advice or knowingly waived the advice in writing; and
(3)the transfer does not contravene any applicable statute or an order of any court or other governmental authority.

Legislative history

Added by Acts 2001, 77th Leg., ch. 96, Sec. 1, eff. Sept. 1, 2001.

Source: Texas Civil Practice and Remedies Code § 141.004 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.