Sec. 2.5. (a) The right of a person to a prize is assignable if the prize is paid by the commission in installments over time.

     (b) A prize described in subsection (a) may be assigned, in whole or in part, if the assignment is made to a person or entity approved by a court based on a petition filed under IC 34-28-9.2.

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Terms Used In Indiana Code 4-30-11-2.5

  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) A prize payment may not be assigned to more than three (3) individuals or entities and a prize winner may not initiate more than three (3) assignment transactions in any single year.

     (d) If more than one (1) person owns a prize payment, any assignment of the prize payment or payments must be made by each of the individuals who own the prize payment or payments.

     (e) A prize payment or payments cannot be assigned until all debts listed in section 11 of this chapter are satisfied.

     (f) A prize payment or any portion of a prize payment may not be assigned more than three (3) times unless the commission consents to an additional assignment. An assignment and reassignment of a prize payment or payments to one (1) individual or entity under a court order entered under a petition filed under IC 34-28-9.2 shall be considered a single assignment.

     (g) The commission may charge a reasonable fee to the assignee to defray the cost of any administrative expenses associated with assignments approved by a court under IC 34-28-9.2. The fee may include the cost to the commission of a reasonable processing fee charged by a private annuity provider based on the direct and indirect costs of processing the assignment.

     (h) A person who enters into a contract to assign a prize payment or payments under this section may cancel the contract assigning the person’s prize payment or payments within three (3) business days after the date the contract assigning the prize payment or payments is signed.

     (i) A contract assigning a prize payment or payments under this section and entered into before July 1, 2014, is unenforceable and invalid.

As added by P.L.198-2014, SEC.3.

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