N.Y. GOL 5-1706, quoted verbatim
Selling a structured settlement in New York
What N.Y. GOL 5-1706 requires before payment rights can be transferred, quoted from the statute and dated: 3 of 5 questions answered on the pages read here, the rest recorded as absences naming what was read.
- requirements quoted word for word
- 3
- questions the section does not answer
- 2
- the day these pages were read
- 2026-09-11
Where this jurisdiction stands
The only one of the four that puts the discount rate and the fees themselves in front of the judge
Every requirement, as N.Y. GOL 5-1706 states it
| The question | What the statute says | Source |
|---|---|---|
| Whether a court has to approve the transfer | shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been authorized in advance in a final order of a court of competent jurisdiction based upon express findings by such court | New York General Obligations Law s 5-1706 read September 2026 |
| What the court has to find | best interest of the payee, taking into account the welfare and support of the payee's dependants; and whether the transaction, including the discount rate used to determine the gross advance amount and the fees and expenses used to determine the net advance amount, are fair and reasonable. | New York General Obligations Law s 5-1706 read September 2026 |
| Whether the payee must be told to take advice | independent professional advice regarding the transfer and has either received such advice or knowingly waived such advice in writing; (d) the transfer does not contravene any applicable statute or the order of any court or other government authority; and (e) is written in plain language | New York General Obligations Law s 5-1706 read September 2026 |
| What the buyer must disclose, and when | New York General Obligations Law s 5-1706 does not address this on the section read here (New York General Obligations Law s 5-1706, read September 2026). Section 5-1706 is the approval section and the disclosure obligations sit in the neighbouring section of the same article; nothing on the page read here sets them out, so nothing is quoted. | New York General Obligations Law s 5-1706 read September 2026 |
| What happens if there is no approval | New York General Obligations Law s 5-1706 does not address this on the section read here (New York General Obligations Law s 5-1706, read September 2026). Like the other two state acts read here, the sanction is ineffectiveness rather than a penalty on the buyer. | New York General Obligations Law s 5-1706 read September 2026 |
An absence here means we have no quotation, never that the requirement does not exist.
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New York: 3 transfer-law requirements quoted verbatim from the statute and 2 recorded absences (Structured Settlement Compare US Transfer-Law Record).
Cite as: "Structured Settlement Compare US Transfer-Law Record: New York", updated 2026-09-11, https://structuredsettlementcompare.com/law/new-york/.
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