Indiana § 34-50-2-8 - Applications for approval of transfers

§ 34-50-2-8. Applications for approval of transfers

Sec. 8. (a) An application under this chapter for approval of a transfer of structured settlement payment rights must be filed in:

(1) the Indiana court in which the underlying tort action was pending; or

(2) the court of general jurisdiction in the Indiana county in which the payee resides.

(b) The following apply to an application filed under subsection (a):

(1) Upon filing of the application, the court shall set a date and time for a hearing on the application not earlier than twenty (20) days after the application is filed and shall notify the applicant of the date, time, and place of the hearing. The court shall give precedence to a hearing set under this section in accordance with Indiana Trial Rule 40.

(2) The applicant shall file with the court and shall serve on:

(A) all interested parties;

(B) the annuity issuer; and

(C) the structured settlement obligor;

in the manner prescribed in the rules of civil procedure for the service of process, a notice of the proposed transfer.

(3) The notice required under subdivision (2) shall include:

(A) a copy of the application;

(B) a copy of the proposed transfer agreement, including the transferee's:

(i) name;

(ii) address; and

(iii) taxpayer identification number;

(C) a copy of the disclosure statement provided by the transferee under section 6 of this chapter whenever the application is filed by a person other than the payee;

(D) notification of the date, time, and place of the hearing on the application; and

(E) notification that an interested party may support, oppose, or otherwise respond to the application, either in person or by counsel, by:

(i) submitting to the court a written response containing the interested party's support of, opposition to, or comments on the application; or

(ii) participating in the hearing.

(4) At the conclusion of the hearing on an application filed under subsection (a), the court may enter an order:

(A) granting approval with or without modification; or

(B) denying approval;

of the transfer. If the court grants approval of the transfer, the court shall include in the order all of the express findings required under section 7 of this chapter. If the court denies the approval of the transfer, the court shall include in the order the reasons for the denial.

(5) An order of the court made under subdivision (4) is a final and appealable order.

As added by P.L.219-2001, SEC.6.