Delaware General Assembly

Signed 7/12/05

The General Assembly has ended, the current status is the final status.

5/10/05

VanSant

Rep. Ewing
Sen. Bonini, Vaughn

AN ACT TO AMEND TITLE 10 CHAPTER 66 OF THE DELAWARE CODE RELATING TO THE SALE OR TRANSFER OF STRUCTURED SETTLEMENTS.

The purpose of this legislation is to amend Chapter 66 as follows: (1) It provides a definition of a transferee which was lacking in the original legislation. (2) Since the structured settlement agreement is a contractual agreement between private parties, the bill removes the Attorney General, Director of Consumer Affairs and the Insurance Commissioner as persons who shall receive notice since the State is not generally a party to such private agreements. Moreover, the original legislation provided no guidance with respect to the role of such State officials in proceedings under this Chapter. (3) It allows the Court discretion to retain the services of an independent attorney ad litem who can assist the Court in its determination of whether the transfer is in the best interests of the payee and protects the payee from potential fraud or overreaching by the transferee or payor. The costs of such services shall be paid by the transferee or payor without pass through to the payee.

N/A

N/A

Takes effect upon being signed into law

N/A

View HTML View PDF