Obtained from Sovereign Funding Group's website: Reputable Structured settlements company: Invoice Factoring services and buyers of Structured Settlements: and providers of the following services; selling real estate notes, purchase order financing, life settlements, lottery winnings, business notes and viatical settlements. While every effort has been directed to the accuracy of this information, we are not endorsing the accuracy of this document in any way and this document and information is not the final authority. Please consult the relevant legal literature.

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KENTUCKY REVISED STATUTES ANNOTATED
TITLE XLII. MISCELLANEOUS PRACTICE PROVISIONS
CHAPTER 454. MISCELLANEOUS CIVIL PRACTICE PROVISIONS
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS



Current through End of 2001 Reg. Sess.


454.431 REQUIREMENT FOR COURT APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS; EXPRESS FINDINGS THAT ARE REQUIRED



No 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 of any transfer of structured settlement payment rights unless the transfer has been approved in advance in an order of a court of competent jurisdiction, based on the court's express findings that:


(1) The transfer complies with the requirements of KRS 454.430 to 454.435 and does not contravene other applicable law;


(2) Not less than ten (10) days prior to the date on which the payee entered into the transfer agreement, the transferee has provided to the payee a disclosure statement in bold type, no smaller than fourteen (14) point, setting forth:


(a) The amounts and due dates of the structured settlement payments to be transferred;


(b) The aggregate amount of the payments;


(c) The discounted present value of the payments, together with the discount rate or rates used in determining the discounted present value;


(d) The gross amount payable to the payee in exchange for the payments;


(e) An itemized listing of all brokers' commissions, service charges, application or processing fees, closing costs, filing or administrative charges, legal fees, notary fees and other commissions, fees, costs, expenses, and charges payable by the payee or deductible from the gross amount otherwise payable to the payee; and


(f) The amount of any penalty and the aggregate amount of any liquidated damages, including penalties, payable by the payee in the event of any breach of the transfer agreement by the payee;


(3) The payee has established that the transfer is necessary to enable the payee to avoid imminent financial hardship;


(4) The transferee has given written notice of the transferee's name, address, and taxpayer identification number to the annuity issuer and the structured settlement obligor and had filed a copy of the notice with the court; and


(5) The payee has consented in writing to the transfer.



CREDIT(S)

HISTORY: 1998 c 409, § 2, eff. 7-15-98






HISTORICAL AND STATUTORY NOTES


Note: 1998 c 409, § 4, eff. 7-15-98, reads: The provisions of Sections 1 to 3 of this Act shall apply to any transfer of structured settlement payment rights under a transfer agreement reached on or after the effective date of this Act.


KRS § 454.431

KY ST § 454.431

END OF DOCUMENT

KENTUCKY REVISED STATUTES ANNOTATED
TITLE XLII. MISCELLANEOUS PRACTICE PROVISIONS
CHAPTER 454. MISCELLANEOUS CIVIL PRACTICE PROVISIONS
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS



Current through End of 2001 Reg. Sess.


454.435 JURISDICTION OF THE CIRCUIT COURT; NOTICE AND HEARING REQUIREMENTS; NONWAIVERABILITY OF KRS 454.430 TO 454.435



(1) The Circuit Court in the county in which the original action was or could have been filed, or the county where the applicant resides, shall have jurisdiction over any application for approval of a transfer of structured settlement payment rights under KRS 454.431.


(2) Not less than twenty (20) days prior to the scheduled hearing on any application for court approval of a transfer of structured settlement payment rights under KRS 454.431, the payee or transferee shall file with the court and serve on all protected parties a notice of the proposed transfer and the application for its approval, including in the notice:


(a) A copy of the transferee's application to the court;


(b) A copy of the disclosure statement required under KRS 454.431(2); and


(c) Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which shall be not less than ten (10) days after service of the transferee's notice, in order to be considered by the court.


(3) The provisions of KRS 454.430 to 454.435 may not be waived.



CREDIT(S)

HISTORY: 1998 c 409, § 3, eff. 7-15-98






HISTORICAL AND STATUTORY NOTES


Note: 1998 c 409, § 4, eff. 7-15-98, reads: The provisions of Sections 1 to 3 of this Act shall apply to any transfer of structured settlement payment rights under a transfer agreement reached on or after the effective date of this Act.


KRS § 454.435

KY ST § 454.435

END OF DOCUMENT

KENTUCKY REVISED STATUTES ANNOTATED
TITLE XLII. MISCELLANEOUS PRACTICE PROVISIONS
CHAPTER 454. MISCELLANEOUS CIVIL PRACTICE PROVISIONS
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS



Current through End of 2001 Reg. Sess.


454.450 DEFINITIONS FOR KRS 452.453 AND 454.455



(1) As used in KRS 452.453 and 454.455, "tobacco grower" means any person who is a resident of Kentucky engaged in the production of growing tobacco or receives proceeds from the sale of tobacco in Kentucky for consumption or use. "Tobacco grower" as used in this section includes, but is not limited to, farm operator, owner/operator, cash tenant, landlord of a share tenant, share tenant, or share cropper.


(2) As used in KRS 452.453 and 454.455, "warehouseman" means the owner, operator, manager, lessee, or proprietor of a warehouse engaged in selling tobacco, or his or her agents or employees.



CREDIT(S)

HISTORY: 1998 c 422, § 1, eff. 4-7-98






HISTORICAL AND STATUTORY NOTES


Legislative Research Commission Note: (7-15-98): In codifying this statute, the phrase "As used in this section" in 1998 Ky. Acts ch. 422, sec. 1, has been treated as if it read "As used in this Act." Otherwise, the definitions in Section 1 of that Act, which are used in Sections 2 and 3 (KRS 452.453 and 454.455) would be without effect. It is clear from context that this is what must have been intended in drafting this Act. KRS 7.136(1)(h).


KRS § 454.450

KY ST § 454.450

END OF DOCUMENT

KENTUCKY REVISED STATUTES ANNOTATED
TITLE XLII. MISCELLANEOUS PRACTICE PROVISIONS
CHAPTER 454. MISCELLANEOUS CIVIL PRACTICE PROVISIONS
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS



Current through End of 2001 Reg. Sess.


454.455 PROOF REQUIRED FOR DAMAGES AGAINST TOBACCO GROWERS AND WAREHOUSEMEN; COSTS THAT MAY BE AWARDED TO PREVAILING DEFENDANT



(1) In a civil action against a tobacco grower for damages alleged to have occurred as a result of use or consumption of tobacco products, in order for liability to be found against a tobacco grower, the plaintiff shall prove by clear and convincing evidence that the tobacco that caused the alleged damage was planted, cultivated, and harvested by that specific tobacco grower and not by any other person.


(2) In a civil action against a warehouseman for damages alleged to have occurred as a result of use or consumption of tobacco products, in order for liability to be found against a warehouseman, the plaintiff shall prove by clear and convincing evidence that the tobacco that caused the alleged damage was sold by that specific warehouseman and not by any other person.


(3) If a suit against a tobacco grower or a warehouseman is dismissed or the defendant prevails at trial, the defendant may be entitled to three (3) times the entire costs of defending the action, including but not limited to legal fees, expert witnesses, and other expenses arising from the defense of the action.



CREDIT(S)

HISTORY: 1998 c 422, § 3, eff. 4-7-98




KRS § 454.455

KY ST § 454.455

END OF DOCUMENT