Sec. 2.5. (a) The right of a person to a prize is assignable if the prize is paid by the commission in installments over time.
(b) A prize described in subsection (a) may be assigned, in whole or in part, if the assignment is made to a person or entity approved by a court based on a petition filed under IC 34-28-9.2.
(c) A prize payment may not be assigned to more than three (3) individuals or entities and a prize winner may not initiate more than three (3) assignment transactions in any single year.
(d) If more than one (1) person owns a prize payment, any assignment of the prize payment or payments must be made by each of the individuals who own the prize payment or payments.
(e) A prize payment or payments cannot be assigned until all debts listed in section 11 of this chapter are satisfied.
(f) A prize payment or any portion of a prize payment may not be assigned more than three (3) times unless the commission consents to an additional assignment. An assignment and reassignment of a prize payment or payments to one (1) individual or entity under a court order entered under a petition filed under IC 34-28-9.2 shall be considered a single assignment.
(g) The commission may charge a reasonable fee to the assignee to defray the cost of any administrative expenses associated with assignments approved by a court under IC 34-28-9.2. The fee may include the cost to the commission of a reasonable processing fee charged by a private annuity provider based on the direct and indirect costs of processing the assignment.
(h) A person who enters into a contract to assign a prize payment or payments under this section may cancel the contract assigning the person's prize payment or payments within three (3) business days after the date the contract assigning the prize payment or payments is signed.
(i) A contract assigning a prize payment or payments under this section and entered into before July 1, 2014, is unenforceable and invalid.
As added by P.L.198-2014, SEC.3.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.