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Structured settlement factoring transaction
A structured settlement factoring transaction is a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. The following are not structured settlement factoring transactions. 1. The creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution in the absence of any action to redirect the structured settlement payments to that institution (or agent or successor thereof) or otherwise to enforce such blanket security interest as against the structured settlement payment rights.
2. A subsequent transfer of structured settlement payment rights acquired in a structured settlement factoring transaction. Structured settlement payment rights. Structured settlement payment rights are rights to receive payments under a structured settlement.