Sec. 142.008. STRUCTURED SETTLEMENT. (a) In a suit in which a minor or incapacitated person who has no legal guardian is represented by a next friend or an appointed guardian ad litem, the court, on a motion from the parties, may provide for a structured settlement that:
(1) provides for periodic payments; and
(2) is funded by:
(A) an obligation guaranteed by the United States government; or
(B) an annuity contract that meets the requirements of Section 142.009.
(b) The person obligated to fund a structured settlement shall provide to the court:
(1) a copy of the instrument that provides funding for the structured settlement; or
(2) an affidavit from an independent financial consultant that specifies the present value of the structured settlement and the method by which the value is calculated.
(c) A structured settlement provided for under this section is solely for the benefit of the beneficiary of the structured settlement and is not subject to the interest payment calculations contained in Section 117.054, Local Government Code.
Added by Acts 1999, 76th Leg., ch. 195, Sec. 5, eff. Sept. 1, 1999.
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