Oklahoma § 12-3241 - Judicial or administrative approval of transfer of

§ 12-3241. Judicial or administrative approval of transfer of

payment - Required findings.

No direct or indirect transfer of structured settlement payment

rights shall be effective and no structured settlement obligor or

Oklahoma Statutes - Title 12. Civil Procedure

annuity issuer shall be required to make any payment directly or

indirectly to any transferee of structured settlement payment rights

unless the transfer has been approved in advance in a final court

order or order of a responsible administrative authority based on

express findings by such court or responsible administrative

authority that:

1. The transfer is in the best interest of the payee, taking

into account the welfare and support of the payee’s dependents;

2. The payee has been advised in writing by the transferee to

seek independent professional advice regarding the transfer and has

either received the advice or knowingly waived the advice in

writing; and

3. The transfer does not contravene any applicable statute or

the order of any court or other government authority.

Added by Laws 2001, c. 70, § 4, eff. Nov. 1, 2001.