Official Code of Georgia Annotated

Title 51. TORTS · Chapter 12. DAMAGES · Article 4. GEORGIA STRUCTURED SETTLEMENT PROTECTION

51-12-77. Approval of transfer by court order; requirements.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

No direct or indirect transfer of structured settlement payment rights shall be effective, and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee or assignee of structured settlement payment rights, unless the transfer has been approved in advance in a final court order based on express findings by such court that all of the following apply:
(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 such advice or knowingly waived in writing the opportunity to seek and receive such advice; and#
(3)
The transfer does not contravene any applicable statute or the order of any court or other government authority.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 51-12-77, enacted by Ga. L. 2021, p. 663, § 1/HB 443.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t51-(v39)-pdf.pdf, Volume V39, 2017 edition, 2025 supplement, pages 112 to 113; merge action: replaced; file SHA-256 9104a04c683d.

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