If you hold a structured settlement or annuity, you may be able to get a lump sum payment for big financial emergencies by selling part or all of one of these assets. Those who have a structured settlement or a similar type of scheduled payments often review lump sum options to prepare for financial needs like:
- A down payment on a home or property
- Paying down debt
- Tuition costs
- Home repairs
However, laws in most U.S. states carefully regulate structured settlement and annuity sales for various reasons. Maine is a state with competitive legislation on how structured settlement or annuity sales must be transacted; laws enacted in 1999 govern the sale of a structured settlement or annuity.
Maine Law and Structured Settlement or Annuity Sales: Court Approval
As in many other states, structured settlement or annuity sales in Maine must be approved by a local court. This requires a hearing and other legal criteria for this kind of financial deal.
Maine Law and Selling a Structured Settlement or Annuity: Disclosure
When it comes to selling a structured settlement or annuity, Maine law also requires the structured settlement or annuity buyer to disclose certain aspects of the deal to the seller. Disclosure paperwork must be filed according to a timeline specified by relevant legislation.
MAINE LAW AND CONSUMER PROTECTIONS
There are also provisions in Maine laws on structured settlement or annuity sales to make sure that these deals are in the best interest of the seller. In addition to making sure that these deals are equitable, Maine laws also require the court to consider the needs of any dependents, including any spouses or children eligible to receive alimony or child support from a structured settlement or annuity seller.
STRUCTURED SETTLEMENT AND ANNUITY BUYERS
It’s a good idea for a structured settlement or annuity holder to always get multiple offers from various structured settlement or annuity buyer firms. The best buyers will offer competitive terms on lump sum payouts, and can help the seller make sure that the deal goes through correctly. A good buyer can also help the seller with all of the details around one of these potentially complex transactions.
SELL YOUR STRUCTURED SETTLEMENT OR ANNUITY WITH CBC
Many of those who have shopped around for a structured settlement or annuity buyer have seen that at CBC, we have the skills and experience to secure these kinds of transactions for clients. We treat every client with the utmost care and we’ll keep you in the loop about your sale all of the way through until the deal is finalized. Talk to CBC to get the most from a structured settlement or annuity.
CisionWire (press release)
Selling a Structured Settlement in Maine