78B-6-1504 - Approval of transfers of structured settlement payment rights. - Utah Statutes

78B-6-1504. Approval of transfers of structured settlement payment rights.
Direct or indirect transfer of structured settlement payment rights may not be effectiveand a structured settlement obligor or annuity issuer may not be required to make any paymentdirectly or indirectly to any transferee of structured settlement payment rights unless the transferhas 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 andsupport of the payee's dependents;
(2) the payee has been advised in writing by the transferee to seek independentprofessional advice regarding the transfer and has either received such advice or knowinglywaived such advice in writing; and
(3) the transfer does not contravene any applicable statute or the order of any court orother government authority.

Renumbered and Amended by Chapter 3, 2008 General Session