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Can I Sell My Annuity Payments If I Live In North Carolina?

If you are a resident of North Carolina who receives structured settlement payments you may have been told that you do not have the option of selling those payments to a structured settlement purchasing company. While this may be the case, there are a few instances in which you will be able to complete a transfer despite being a resident in North Carolina.
First, it is important to understand why being a resident of North Carolina affects your ability to sell payments. The reason is that North Carolina has a structured settlement transfer act in place which essentially makes it impossible for a structured settlement transfer company to successfully complete a transfer in that state. Companies are required to follow the specific state statute in the state in which you reside. However, as previously mentioned, North Carolina residents looking to sell their structured settlement payments may still have a few options. If your settlement took place in a state other than North Carolina you can more likely than not complete a transfer in the state in which your original settlement took place. Almost all state structured settlement protection acts allow a structured settlement purchasing company to seek court approval from the state where the original settlement took place. For example, if you reside in North Carolina but your original settlement was in Florida, you can most likely complete a transfer under the laws of Florida.
If you are a current North Carolina resident, the best thing to do is locate your Settlement and Release Agreement and speak with a structured settlement purchasing company. They will want to see a copy of your agreement in order to determine if you have the option of completing a transfer in a different state.

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