Louisiana Structured Settlements Law

Yes, you can trade Louisiana structured settlement payments for upfront cash.

Statute and Bill #: La. R.S. 9:2715 (LA H.B. 179)
Enacted 6/27/2003 Effective 8/15/2003
Summary: Permits the sale or assignment of Louisiana structured settlement payment rights, subject to a court's review and approval based on showing that the proposed transfer is in the consumer's "best interests," taking into account the welfare of the consumer's dependents (if any). Requires certain disclosures and other consumer protections.


Full Text Of Bill:

Be it enacted by the Legislature of Louisiana:

Section 1. R.S. 9:2715(B)(1) is hereby amended and reenacted and R.S. 9:2715(J)

is hereby enacted to read as follows:

Section 2715. Transfer of structured settlement rights

B. The direct or indirect transfer of structured settlement payment rights

shall not be effective nor shall a structured settlement obligor or annuity

issuer be required to make a payment directly or indirectly to a transferee of

structured settlement payment rights unless all of the following requirements

are met:

(1) The transfer of structured settlement payment rights has been authorized in

advance by ex parte order of a court of competent jurisdiction which had

jurisdiction over the original tort or workers' compensation claim resolved by

the structured settlement or in which the original tort or workers'

compensation claim could have been brought , OR IN THE PARISH WHERE THE PAYEE

RESIDES AT THE TIME OF FILING THE EX PARTE PETITION . At least twenty days

prior to the issuance of the order, the transferee shall file a petition for

transfer with the caption "Ex Parte Petition for Transfer of Structured

Settlement Rights by (name of Transferee)."

J. ANY PERSON WHO ACQUIRES DIRECTLY OR INDIRECTLY STRUCTURED SETTLEMENT

PAYMENT RIGHTS IN A STRUCTURED SETTLEMENT FACTORING TRANSACTION IN ADVANCE OF

AN ORDER REQUIRED BY THIS SECTION MAY BE SUBJECT TO THE TAX IMPOSED UNDER THE

INTERNAL REVENUE CODE, 26 U.S.C. 5891.