State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-543_14

§ 1‑543.14.  Procedurefor approval of transfers.

(a)        Where thestructured settlement agreement was entered into after the commencement oflitigation or administrative proceedings in this State, the application forauthorization of a transfer of structured settlement rights shall be filed withthe court or administrative agency where the settled claim was pending as amotion in the cause.

(b)        Where thestructured settlement agreement was entered into prior to the commencement oflitigation or administrative proceedings, or after the commencement oflitigation or administrative proceedings outside this State, the applicationfor authorization of a transfer of structured settlement payment rights shallbe filed in the superior court with proper venue pursuant to Article 7 of thisChapter. The nature of the action shall be a special proceeding governed by theprovisions of Article 33 of this Chapter.

(c)        Not less than 30days prior to the scheduled hearing on any application for authorization of atransfer of structured settlement payment rights under this Article, thetransferee shall file with the proper court or responsible administrativeauthority and serve on any other government authority which previously approvedthe structured settlement, on all interested parties as defined in G.S. 1‑543.11(4),and on the Attorney General, a notice of the proposed transfer and theapplication for its authorization, including in such notice:

(1)        A copy of thetransferee's application;

(2)        A copy of thetransfer agreement;

(3)        A copy of thedisclosure statement required under G.S. 1‑543.12(a)(2);

(4)        Notification thatany interested party is entitled to support, oppose, or otherwise respond tothe transferee's application, either in person or by counsel, by submittingwritten comments to the court or responsible administrative authority or byparticipating in the hearing; and

(5)        Notification of thetime and place of the hearing and notification of the manner in which and thetime by which written responses to the application must be filed in order to beconsidered by the court or responsible administrative authority.

(d)        The AttorneyGeneral shall have standing to raise, appear, and be heard on any matterrelating to an application for authorization of a transfer of structuredsettlement payment rights under this Article. (1999‑367, s. 1.)