Sell My Structured Settlement in Alabama
Alabama Law for Selling a Structured Settlement
Enacted: April 27, 2006 Effective: August 01, 2006
Permits the sale or assignment of Alabama 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.
Act 2006-628, HB288, is the Structured Settlement Protection Act. The act provides for transfers of payment rights pursuant to a structured settlement or arrangement for the periodic payment of damages for personal injuries or sickness established by a settlement or judgment in resolution of a tort claim, excluding workers' compensation settlements. The act provides for the contents of a disclosure statement from a transferee to a payee, requires the approval of a court or responsible administrative authority before any structured settlement payment rights are effective, provides for the effects of transfer of structured settlement payment rights and the liability of those involved, and prescribes the procedure for approval of transfers of structured settlement payment rights.