Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 23, 2010 |
recommit, enacting clause stricken |
Jan 06, 2010 |
referred to judiciary |
Mar 04, 2009 |
referred to judiciary |
Senate Bill S2856
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Stricken
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S2856 (ACTIVE) - Details
- Law Section:
- General Obligations Law
- Laws Affected:
- Amd §5-1705, Gen Ob L
2009-S2856 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2856 TITLE OF BILL : An act to amend the general obligations law, in relation to court approvals of transfers of structured settlements JUSTIFICATION : This measure would amend section 5-1705 of the General Obligations Law in relation to the procedure for obtaining court approval for the transfer of a structured settlement. In a structured settlement the recipient does not receive all the proceeds at the time of settlement. Rather, all or a portion are paid out in scheduled periodic payments over a course of time. Usually a structured settlement agreement restricts the recipient from transferring the rights to these future payments. Nonetheless, a market has developed whereby entities commonly referred to as structured settlement factoring companies - purchase the rights to future payments for a present cash payment. (See generally, Daniel W. Hindert and Craig H. Ulman, Transfers of Structured Settlement Payment Rights: What Judges Should Know About Structured Settlement Protection Acts, A.B.A. Judges' Journal, Spring 2005.) The structured settlement recipient (referred to statutorily as the "payee") is typically
2009-S2856 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2856 2009-2010 Regular Sessions I N S E N A T E March 4, 2009 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to court approvals of transfers of structured settlements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 5-1705 of the general obligations law, as added by chapter 537 of the laws of 2002, is amended to read as follows: S 5-1705. Procedure for approval of transfers. (a) An action for approval of a transfer of a structured settlement shall be by a special proceeding BROUGHT ON ONLY BY ORDER TO SHOW CAUSE. (b) Such proceeding shall be commenced to obtain approval of a trans- fer of structured settlement payment rights. Such proceeding shall be commenced: (i) in the supreme court of the county in which the payee resides; or (ii) in any court which approved the structured settlement agreement. (c) A copy of the [notice of petition and petition or] order to show cause and petition shall be served upon all interested parties at least twenty days before the time at which the petition is noticed to be heard. A response shall be served at least seven days before the peti- tion is noticed to be heard. (d) A petition for approval of a transfer of structured settlement payment rights shall include: (i) a copy of the transfer agreement; (ii) a copy of the disclosure statement and proof of notice of that statement required under section 5-1703 of this title; [and] (iii) a listing of each of the payee's dependents, together with each dependent's age; AND (IV) A STATEMENT SETTING FORTH WHETHER THERE HAVE BEEN ANY PREVIOUS TRANSFERS OR APPLICATIONS FOR TRANSFER OF THE STRUCTURED SETTLEMENT EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04780-01-9
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.