1. Prohibition against waiver. The provisions of this chapter may not be waived.

[PL 1999, c. 268, §2 (NEW).]

Terms Used In Maine Revised Statutes Title 24-A Sec. 2245

  • Payee: means an individual who is receiving tax-free damage payments under a structured settlement and proposes to make a transfer of payment rights under that settlement. See Maine Revised Statutes Title 24-A Sec. 2241
  • 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.
  • Transfer: means any sale, assignment, pledge, hypothecation or other form of alienation or encumbrance made by a payee for consideration. See Maine Revised Statutes Title 24-A Sec. 2241
  • Transferee: means a person that becomes entitled to receive structured settlement payment rights as a result of a transfer agreement. See Maine Revised Statutes Title 24-A Sec. 2241
2. Prohibition against penalty. A payee who proposes to make a transfer of structured settlement payment rights may not incur a penalty, forfeit an application fee or other payment or otherwise incur any liability to the proposed transferee based on the failure of that transfer to satisfy the conditions of section 2243.

[PL 1999, c. 268, §2 (NEW).]

SECTION HISTORY

PL 1999, c. 268, §2 (NEW).
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