Section 5-1102 - Transfer of certain structured settlement payment rights. - Maryland Statutes

§ 5-1102. Transfer of certain structured settlement payment rights.
 

(a)  In general.- A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle. 

(b)  Payments to transferee authorized in certain circumstances.- A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based on a finding that: 

(1) The transfer is necessary, reasonable, or appropriate; 

(2) The transfer is not expected to subject the payee, the payee's dependents, or both, to undue or unreasonable financial hardship in the future; 

(3) The payee received independent professional advice regarding the legal, tax, and financial implications of the transfer; and 

(4) The transferee disclosed to the payee the discounted present value. 
 

[2000, ch. 366.]