{"data":{"id":"us-ky/krs-454.431","jurisdiction":"us-ky","citation":"KRS 454.431","heading":"Requirement for court approval of transfer of structured settlement","body":"payment rights -- Express findings that are required.\nNo transfer of structured settlement payment rights shall be effective and no structured\nsettlement obligor or annuity issuer sha ll be required to make any payment directly or\nindirectly to any transferee of any transfer of structured settlement payment rights unless\nthe transfer has been approved in advance in an order of a court of competent jurisdiction,\nbased on the court's express findings that:\n(1) The transfer complies with the requirements of KRS 454.430 to 454.435 and does\nnot contravene other applicable law;\n(2) Not less than ten (10) days prior to the date on which the payee entered into the\ntransfer agreement, the transfe ree has provided to the payee a disclosure statement\nin bold type, no smaller than fourteen (14) point, setting forth:\n(a) The amounts and due dates of the structured settlement payments to be\ntransferred;\n(b) The aggregate amount of the payments;\n(c) The discounted present value of the payments, together with the discount rate\nor rates used in determining the discounted present value;\n(d) The gross amount payable to the payee in exchange for the payments;\n(e) An itemized listing of all brokers' commissions , service charges, application\nor processing fees, closing costs, filing or administrative charges, legal fees,\nnotary fees and other commissions, fees, costs, expenses, and charges payable\nby the payee or deductible from the gross amount otherwise payable  to the\npayee; and\n(f) The amount of any penalty and the aggregate amount of any liquidated\ndamages, including penalties, payable by the payee in the event of any breach\nof the transfer agreement by the payee;\n(3) The payee has established that the transfe r is necessary to enable the payee to avoid\nimminent financial hardship;\n(4) The transferee has given written notice of the transferee's name, address, and\ntaxpayer identification number to the annuity issuer and the structured settlement\nobligor and had filed a copy of the notice with the court; and\n(5) The payee has consented in writing to the transfer.","path":["KRS Chapter 454"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=19615","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:58Z","sha256":"f77a6c1f209e499194f0469f481fd3c5ae338e77d84776eb47f8ee6ca84029f1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-454.430","next":"us-ky/krs-454.435"},"notice":"GroundRules: Original legal text. Not legal advice."}