Oregon Statutes 33.855 – Transfer of payment rights; petition; notice
(1) A payee may transfer payment rights under ORS § 33.850 to 33.875 if:
Terms Used In Oregon Statutes 33.855
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) The payee is domiciled in this state;
(b) The domicile or principal place of business of the obligor or the annuity issuer is located in this state;
(c) The structured settlement agreement was approved by a court or responsible administrative authority in this state; or
(d) The structured settlement agreement is expressly governed by the laws of this state.
(2) Prior to transferring payment rights under ORS § 33.850 to 33.875, the transferee shall file a petition for approval of the transfer:
(a) In the county in which the payee resides; or
(b) In any court or before any responsible administrative authority in this state that approved the structured settlement agreement.
(3) Not less than 20 days prior to the scheduled hearing on a petition for approval of a transfer of payment rights, the transferee shall send notice of the proposed transfer to:
(a) The payee;
(b) Any beneficiary irrevocably designated under the annuity contract to receive payments following the payee’s death;
(c) The annuity issuer;
(d) The obligor; and
(e) Any other party that has continuing rights or obligations under the structured settlement agreement that is the subject of the hearing.
(4) The notice sent under subsection (3) of this section shall include:
(a) A copy of the transferee’s petition.
(b) A copy of the transfer agreement.
(c) A copy of the disclosure statement provided to the payee as required under ORS § 33.860.
(d) A listing of each person for whom the payee is legally obligated to provide support, including the age of each of those persons.
(e) Notification that any person receiving notice under subsection (3) of this section is entitled to support, oppose or otherwise respond to the transferee’s petition, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing.
(f) Notification of the time and place of the hearing.
(g) Notification of the manner in which and the time by which written responses to the petition must be filed, which shall not be less than 15 days after service of the transferee’s notice, in order to be considered by the court or responsible administrative authority. [2005 c.173 § 2; 2013 c.736 § 2]