Ohio § 2323.585
Full text of Ohio Ohio Revised Code § 2323.585, with citation guidance and answers to common questions.
§ 2323.585.
(A) No payee who proposes to make a transfer of structured settlement payment rights
shall incur any penalty, forfeit any application fee or other payment, or otherwise
incur any liability to the proposed transferee or any assignee based on a failure
of the transfer to comply with any of the requirements of sections 2323.581 to 2323.584 of the Revised Code . (B) No provision of this section or section 2323.581 , 2323.582 , 2323.583 , or 2323.584 of the Revised Code may be waived by any payee. (C) No provision of this section or section 2323.581 , 2323.582 , 2323.583 , or 2323.584 of the Revised Code authorizes any transfer of structured settlement payment rights in contravention
of applicable law or implies that any transfer under a transfer agreement that was
entered into prior to the effective date of this amendment is valid or invalid. (D) Any transfer agreement entered into on or after the effective date of this amendment
by a payee who resides in this state shall provide that disputes under the transfer
agreement, including any claim that the payee has breached the agreement, are to be
determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to
confess judgment or consent to entry of judgment against the payee. (E) No transfer of structured settlement payment rights shall extend to any payments
that are life-contingent unless, prior to the date on which the payee signs the transfer
agreement, the transferee has established and has agreed to maintain procedures reasonably
satisfactory to the annuity issuer and the structured settlement obligor for both
of the following: (1) Periodically confirming the payee's survival; (2) Giving the annuity issuer and the structured settlement obligor prompt written notice
in the event of the payee's death. (F) If the payee cancels a transfer agreement, or if the transfer agreement otherwise
terminates, after an application for approval of a transfer of structured settlement
payment rights has been filed and before it has been granted or denied, the transferee
shall promptly request dismissal of the application.
Frequently Asked Questions About Ohio § 2323.585
What does Ohio Revised Code § 2323.585 cover?
Section 2323.585 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 2323.585?
A common citation format is "Ohio Revised Code § 2323.585" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 2323.585 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.