Full text and statutory guidelines for the Model State Structured Settlement Protection Act.
New Mexico Model State Structured Settlement Protection Act
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FAQ
In a structured settlement agreement, the original obligor (the defendant, insurance carrier for the defendant, or the trustee of an IRC 468B qualified settlement fund), assigns its obligation to make the future periodic payments defined in the settlement agreement to a "qualified assignment company".
Structured settlements work by providing periodic payments over an agreed schedule. They offer a predictable and steady income stream as an alternative to a lump-sum payment. Understanding how structured settlements work can help you make informed decisions about receiving or selling these types of payments.
Structured settlements can provide long-term monthly payments in workers' compensation/medical malpractice cases. With a structured settlement annuity, there's no risk of outliving the money. Future payments can last for the claimant's lifetime.
Cashing in a structured settlement typically requires working with settlement buyers or factoring companies. These companies specialize in buying settlements and providing a lump sum cash payout. When selling, you can liquidate the entire settlement or just a portion of your upcoming payments.
If you have a structured settlement in which you receive your personal injury lawsuit award or settlement over time, you might be able to "cash-out" the settlement. To do this, you sell some or all of your future payments in exchange for getting cash now.
Instead, you can sell your settlement in part or in full based on your financial needs. Many people decide to sell only a specific number of their future payments. Doing this means they will resume receiving payments in the future.
Can I make changes to my settlement? While we understand that life can take an unexpected turn, the payments you receive from a structured settlement cannot be changed. New York Life is obligated to make the payments as per the terms of the settlement and, consequently, the payment amounts and dates cannot be changed.
If you have a structured settlement in which you receive your personal injury lawsuit award or settlement over time, you might be able to "cash-out" the settlement. To do this, you sell some or all of your future payments in exchange for getting cash now.