N.Y.
General Obligations Law Section 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 transfer 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 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 petition 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 § 5-1703 (Required disclosures to payee)section 5-1703 of this title;(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 payment rights and giving details of all such transfers or applications for transfer.(e)
On the hearing, the payee shall attend before the court unless attendance is excused for good cause.
Source:
Section 5-1705 — Procedure for approval of transfers, https://www.nysenate.gov/legislation/laws/GOB/5-1705 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
