Massachusetts Structured Settlement and Annuity Sale Information
The state of Massachusetts, like many U.S. states, has laws in place governing the sale of assets like structured settlements and annuities in order to protect the consumer and to make sure that these transactions are up to a certain standard. One issue with structured settlement and annuity sales is whether the terms of the sale ‘contravene’ any prior contractual terms. Massachusetts is one of many states where a local court must review a structured settlement or annuity sale prior to the finalization of the deal.
Consumer Protections: Is a Structured Settlement or Annuity Sale in the Holder’s Best Interests?
One aspect written into Massachusetts structured settlement and annuity sale laws is that the court must look at whether a transaction is ‘fair’ from the asset holder’s standpoint. The court will also consider the welfare of a structured settlement or annuity holder’s dependents. In addition, state laws require certain kinds of disclosure, even mandating a minimum size for the small print of a structured settlement or annuity sale proposal.
Paperwork and Legal Requirements
In addition to requiring a court hearing on a structured settlement or annuity sale, Massachusetts law also requires the ‘transferee,’ who will be taking over structured payment rights, to file certain papers by a deadline, including the original application and signed disclosure forms.
WHY MASSACHUSETTS LAW REGULATES STRUCTURED SETTLEMENT AND ANNUITY SALES
All of this is intended to help maintain a system for structured settlement and annuity sales where deals are equitable and transparent. State legislations often feel that it’s important to protect a structured settlement or annuity holder from signing away too much of their promised capital for too small of a return.
SELL YOUR STRUCTURED SETTLEMENT OR ANNUITY WITH CBC
At CBC, we understand how to work within Massachusetts law to get you the best deal on a structured settlement or annuity sale. We have the experience to handle these transactions with care, making sure that all paperwork is filed, and that you will get your lump sum payment when you need it. We care for each of our clients, and will keep your informed about your structured settlement or annuity sale every step of the way. Let us help you to profit from one of these valuable assets.