Structured Settlement and Annuity Law in Missouri

Those who want to sell the rights to future payments in a structured settlement or annuity plan need to understand how these financial transactions are treated in their state of residence. If you’re considering a structured settlement or annuity sale in the state of Missouri, talk to structured settlement and annuity buyers about how a 1999 law may apply to your financial plan.

Missouri Structured Settlement and Annuity Law: Disclosure

One of the central aspects of Missouri’s structured settlement and annuity law relates to required disclosure for a structured settlement or annuity sale. Typically, someone who holds these kinds of assets goes to a financial company known as a structured settlement or annuity buyer. The buyer must, under state law, provide the seller with various financial details about the sale. These include:

• the aggregate amount of all payments that the seller gets from the buyer
• amounts and due dates of future payment rights that will be sold
• a list of expenses and fees that apply to the deal

Through this requirement, Missouri lawmakers help ensure that those selling a structured settlement or annuity are getting transparency regarding their deal.

Missouri Structured Settlement and Annuity Law: Court review

Structured settlement and annuity sales in Missouri must go before a local court. Missouri law dictates that approval for transfers must be made by the circuit court in the county where the seller lives, or in a court that was involved in the original structured settlement agreement.

Many states have this requirement for structured settlement and annuity sales. The intent is that courts will determine whether the structured settlement or annuity sale is fairly presented to the seller, and will also consider whether this sale could harm any dependents who rely on the seller for support payments.

SEEK INDEPENDENT PROFESSIONAL ADVICE

Missouri state law on structured settlements and annuities requires the buyer to suggest that the seller get an outside opinion on the deal prior to finalization. Missouri state law refers to this outside professional advice as “disinterested counsel.”

Selling a structured settlement or annuity can be a great way to pay off high-interest debt or make strategic large purchases. However, it’s critically important to find structured settlement and annuity buyers who can work with state law to get these transactions finalized. It’s also a good idea for someone who wants to sell part or all of their structured settlement or annuity to shop around and get competitive bids from a variety of buyers.

SELLING YOUR STRUCTURED SETTLEMENT OR ANNUITY WITH CBC

CBC is an established and experienced financial company. We’ve helped many of those with structured settlement or annuity holdings to sell future payments in ways that make sense to their budgets. We know how to work with Missouri state law to make sure that your structured settlement or annuity sale goes through and that you have your money when you need it.

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