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PARRIS N. GLENDENING, Governor
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Ch. 366
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(M) "TRANSFER AGREEMENT" MEANS THE AGREEMENT PROVIDING FOR THE
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS FROM A PAYEE TO A
TRANSFEREE.
5-1102.
(A) A DIRECT OR INDIRECT TRANSFER OF STRUCTURED SETTLEMENT
PAYMENT RIGHTS TO A TRANSFEREE IS EFFECTIVE AS PROVIDED IN THIS SUBTITLE.
(B) A STRUCTURED SETTLEMENT OBLIGOR OR ANNUITY ISSUER SHALL MAY
NOT MAKE ANY PAYMENT DIRECTLY OR INDIRECTLY TO A TRANSFEREE OF
STRUCTURED SETTLEMENT PAYMENT RIGHTS IF UNLESS THE TRANSFER IS
AUTHORIZED IN AN ORDER OF A COURT BASED ON A FINDING THAT:
(1) THE TRANSFER IS AUTHORIZED IN AN ORDER OF A COURT BASED ON
A FINDING THAT THE TRANSFER IS NECESSARY, REASONABLE, OR APPROPRIATE;
(2) THE TRANSFER IS NOT EXPECTED TO SUBJECT THE PAYEE, THE
PAYEE'S DEPENDENTS, OR BOTH, TO UNDUE OR UNREASONABLE FINANCIAL
HARDSHIP IN THE FUTURE,
(3) THE PAYEE RECEIVED INDEPENDENT PROFESSIONAL ADVICE
REGARDING THE LEGAL, TAX, AND FINANCIAL IMPLICATIONS OF THE TRANSFER;
AND
(4) THE TRANSFEREE DISCLOSED TO THE PAYEE THE DISCOUNTED
PRESENT VALUE.
5-1103.
(A) THE CIRCUIT COURT THAT HAS JURISDICTION OVER A PERSON AN
INTERESTED PARTY OR THE CIRCUIT COURT FOR THE COUNTY IN WHICH THE
ORIGINAL CLAIM OCCURRED SHALL HAVE NONEXCLUSIVE JURISDICTION OVER AN
APPLICATION FOR A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS
UNDER § 5-1102 OF THIS SUBTITLE.
(B) A TRANSFEREE SHALL FILE WITH THE COURT AND SERVE ON THE
INTERESTED PARTIES AT LEAST 20 DAYS BEFORE THE HEARING ON THE
APPLICATION, A NOTICE OF THE PROPOSED TRANSFER AND AN APPLICATION FOR ITS
AUTHORIZATION, INCLUDING:
(1) A COPY OF THE TRANSFEREE'S APPLICATION;
(2) A COPY OF THE TRANSFER AGREEMENT; AND
(3) NOTIFICATION:
(I) OF THE TIME AND PLACE OF THE HEARING; AND
(II) THAT EACH INTERESTED PARTY IS ENTITLED TO SUPPORT,
OPPOSE, OR OTHERWISE RESPOND TO THE TRANSFEREE'S APPLICATION, IN PERSON
OR BY COUNSEL, BY SUBMITTING WRITTEN COMMENTS TO THE COURT OR BY
PARTICIPATING IN THE HEARING.
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- 2079 -
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