Alaska Structured Settlement Statute Protects Settlement Holders
by: heal3r
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If you live in Alaska and are the payee of a structured settlement (payments from a lawsuit made over time), rest assured the state statue governing structured settlements has your back. The state has gone to great pains to regulate the sale and transfer of payments of this nature so that your rights are preserved, and so that you are not unfairly taken advantage of.
Why Alaska Regulates Structured Settlement Sales And Transfers
Alaska does not regulate these matters in an attempt to discourage you from selling structured settlement payments. In fact, the state recognizes that structured settlement selling is a viable, legal, and proactive way for you to access cash that is rightfully yours in a way that is more manageable and beneficial to you. However, like all money matters, the state also recognizes that where money changes hands there is always a potential for scammers and unscrupulous dealers to take advantage of a situation and see more to their own needs than their clients'.
In the interest of protecting citizens, Alaska has enacted and amended the Alaska Structured Settlement Protection Statutes. The revamped laws afford the highest level of protection to you as seller of structured settlement payments, ensuring that the buyer of your payments treats you fairly, ethically, and with your best interests in mind.
The Alaska Structured Settlement Protection Statute
The statute that governs structured settlement transfers in Alaska is AS 9.68. The statute states that a transfer is not effective until the application has been filed and approved, including all supporting documentation. To be approved the petition must
• Comply with all requirements of AS 9.68
• Fully disclose all terms of the deal, including payment transfer information detailing the number of payments to be sold and the full amount to be received by the seller
• Disclose the value of the money transferred
• Disclose the discount rate used to reach the present value
In addition the statute requires that the seller of structured settlement payments receive a disclosure statement at least 10 days prior to the sale (by certified mail or signature receipt delivery) outlining and fully disclosing all terms and conditions of the sale.
To afford further protection the Alaska statute for structured settlement sales also requires that the transfer
• Was constructed in the best interest of the payee (payment recipient) and the payee's dependent's
• Has been evaluated by an independent professional and that legal, financial, and tax advice has been given in regards to the sale
• Is subject to state law and interpretation should disputes between the parties arise
Alaska's structured settlement protection statute is quite comprehensive and complex. It has been designed to provide the maximum level of protection for annuity holders, while affording them a safe way to gain access to more manageable cash assets now. To learn more about the statute, or to seek clarification on it and your rights, seek the advice of one intimately familiar with the finer points of the law.
About the Author
The factoring gurus who write for ppicash.com provide legal summaries for lay people interested in structured settlements in Alaska.
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