                                 CODE OF VIRGINIA

APPROVAL OF TRANSFERS OF STRUCTURED SETTLEMENT PAYMENT RIGHTS (§ 59.1-476)

No direct or indirect transfer of structured settlement payment rights shall be
effective and no structured settlement obligor or annuity issuer shall be
required to make any payment directly or indirectly to any transferee or
assignee of structured settlement payment rights unless the transfer has been
authorized in advance in a final court order based on express findings by such
court that:

1. The transfer is in the best interest of the payee, taking into account the
welfare and support of the payee&#8217;s dependents;

2. The payee has been advised in writing by the transferee to seek independent
professional advice regarding the transfer and has either received such advice
or knowingly waived in writing the opportunity to seek and receive such advice;
and

3. The transfer does not contravene any applicable statute or the order of any
court or other government authority.

HISTORY: 1999, c. 993; 2001, c. 537; 2016, cc. 273, 739.