Indiana Code 34-50-2-8. Applications for approval of transfers
(1) the Indiana court in which the underlying tort action was pending; or
Terms Used In Indiana Code 34-50-2-8
- 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.
- interested party: refers to :
Indiana Code 34-50-2-1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Service of process: The service of writs or summonses to the appropriate party.
- 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.
- structured settlement: means periodic payments of damages established by a settlement or a court judgment in resolution of a tort claim for personal injury. See Indiana Code 34-50-2-2
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- transfer: means a:
Indiana Code 34-50-2-3
- transferee: means a party acquiring or proposing to acquire structured settlement payment rights through a transfer agreement. See Indiana Code 34-50-2-4
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
(b) The following apply to an application filed under subsection (a):
(1) Upon filing of the application, the court shall set a date and time for a hearing on the application not earlier than twenty (20) days after the application is filed and shall notify the applicant of the date, time, and place of the hearing. The court shall give precedence to a hearing set under this section in accordance with Indiana Trial Rule 40.
(2) The applicant shall file with the court and shall serve on:
(A) all interested parties;
(B) the annuity issuer; and
(C) the structured settlement obligor;
in the manner prescribed in the rules of civil procedure for the service of process, a notice of the proposed transfer.
(3) The notice required under subdivision (2) shall include:
(A) a copy of the application;
(B) a copy of the proposed transfer agreement, including the transferee‘s:
(i) name;
(ii) address; and
(iii) taxpayer identification number;
(C) a copy of the disclosure statement provided by the transferee under section 6 of this chapter whenever the application is filed by a person other than the payee;
(D) notification of the date, time, and place of the hearing on the application; and
(E) notification that an interested party may support, oppose, or otherwise respond to the application, either in person or by counsel, by:
(i) submitting to the court a written response containing the interested party’s support of, opposition to, or comments on the application; or
(ii) participating in the hearing.
(4) At the conclusion of the hearing on an application filed under subsection (a), the court may enter an order:
(A) granting approval with or without modification; or
(B) denying approval;
of the transfer. If the court grants approval of the transfer, the court shall include in the order all of the express findings required under section 7 of this chapter. If the court denies the approval of the transfer, the court shall include in the order the reasons for the denial.
(5) An order of the court made under subdivision (4) is a final and appealable order.
As added by P.L.219-2001, SEC.6.