Nevada
Nevada Structured Settlement Protection Act
The information below was obtained from public records to assist you in understanding the legal issues associated with selling a structured settlement in your area. However, this should not be considered specific legal advice regarding your situation. We welcome the chance to discuss your situation directly, and encourage you to seek independent legal advice if needed.
Since laws vary from state to state, Client First works with attorneys in your local area and close our transactions in local courts, to ensure the selling of your structured settlement payments goes as smooth as possible. The legal process can be very complex, but we are experts at understanding the process and getting the most cash from your settlement.
Call us at 1-888-594-1195 and we would be happy to explain how the laws in your state protect you. Unlike lawyers, we don't charge you by the hour... in fact we don't charge you anything to get started.
In the state of Nevada the law provides that the customer lives in the state, and must be approved by local court in state. Approval granted only if the transaction is in the customers best interest.
NRS 42.030 Court approval of agreement to transfer structured settlement required.
1. An agreement to transfer the right to receive payments pursuant to a structured settlement to a transferee is valid and enforceable only if the transfer is approved by a district court. The transferee must petition the district court for such approval and the court shall approve the transfer if it determines that:
(a) The transfer is in the best interest of the payee, considering the totality of the circumstances, including, without limitation, the welfare and support of the dependents of the payee;
(b) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has received such independent professional advice or has knowingly waived such advice in writing; and
(c) The transfer does not violate any applicable law or the order of any court.
2. An action pursuant to subsection 1 must be commenced in the district court:
(a) Located where the original claim which gave rise to the structured settlement was filed; or
(b) Within the county in which the payee resides.
3. Not later than 7 days before a hearing on a petition pursuant to subsection 1, the transferee must file with the district court and serve on all interested parties and any attorney who represented the payee in the action which resulted in the settled claim a notice of the proposed agreement and the petition for authorization of the proposed agreement. The notice must include, without limitation:
(a) A copy of the petition of the transferee;
(b) A copy of the proposed agreement;
(c) A copy of the disclosure required pursuant to subsection 4;
(d) A list which includes the name and age of each dependent of the payee;
(e) A statement that any interested party may support, oppose or otherwise respond to the petition of the transferee by appearing in person or by counsel during the hearing on the petition or by submitting written comments to the court; and
(f) Notice of the time and place of the hearing, the manner in which a written response to the application must be filed and the date by which a written response to the petition must be filed for consideration by the court.
4. A transferee who commences an action pursuant to subsection 1 must provide to the court with the proposed agreement a disclosure setting forth:
(a) The amounts and due dates of the payments under the structured settlement proposed to be transferred;
(b) The aggregate amount of the proposed payments to be transferred;
(c) The amount to be paid to the payee for the transfer before deducting any expenses;
(d) An itemized list of all expenses that the payee will be required to pay other than attorneyâ
