Structured Settlement and Annuities Buyouts:
If you have a structured settlement or annuity from a lawsuit, then your annuity or structured settlement buyout process involves getting approval from the court in your jurisdiction. There’s a petition filed on your behalf so that you can get a court date for a hearing. And depending on the structured settlement laws in your state, there’s also a waiting period from the time that you receive your contract, until you can sign the contract. Your insurance company is also given a mandatory waiting period, which gives them proper time to respond to your petition to sell payments. After court approval, the closing process starts. Following closing, you’re funded with your lump sum payment. This whole process can take 45 – 90 days. For more information on the structured settlement laws in your state, check out State Laws.
Lottery winners do not need permission from the state lottery commission to sell future payments. However, just as a structured settlement or annuity buyouts require getting approval from the court, so do lottery buyouts. A petition is filed on your behalf and you’re assigned a court date for a hearing. This funding process can take 35 – 60 days.
Sports Contract Buyouts:
The typical sports contract buyout process requires cooperation from the team, league or the third party responsible for making the contractual payments. Documents must be exchanged to verify contractual validity and obligations, and to acknowledge the transfer of contract payments. There is no court process involved; however, there’s an underwriting process before funding. The typical funding process can take 3 – 10 days.
NFL Concussion Lawsuit Funding:
In order to receive funding for your pending concussion lawsuit from the NFL, you are required to submit your neurological exam results from your doctor. Once this is submitted, the total funding amount is determined based on age, years in the league and expected payout. Typical funding takes 7 – 14 days.