Nonrecourse Civil Litigation
|Saturday, March 26, 2011 at 12:00 AM
Nonrecourse Civil Litigation SSL Draft
The Act regulates civil litigation funding companies doing business in the state. Nonrecourse civil litigation funding means a transaction in which a civil litigation funding company purchases and a consumer assigns the contingent right to receive an amount of the potential proceeds of the consumer’s legal claim to the civil litigation funding company out of the proceeds of any realized settlement, judgment, award, or verdict the consumer may receive in the legal claim.
Status: Enacted into law in 2010.
Tags:2012 SSL Volume