You can get cash now for structured settlements, but now you can also cash in on Texas Lottery winnings!! In some states there are laws restricting the sale of lottery payments, requiring winners to keep on receiving their annual payments rather than selling them for a lump sum – this was the case in Texas until a relatively recent court ruling. On October 1, 2010, the Texas Supreme Court overturned a state law that prevented lottery winners from selling their final two Texas lottery prize payments in exchange for a lump sum. Now, lottery winners who need a lump sum of cash have more options. Strategic Capital is there for those who need cash now for structured settlements and lottery payments.
A Unanimous Decision Paves a New Road
The court’s unanimous decision was delivered Friday, October 1st, 2010 by Justice Phil Johnson; this decision successfully struck down part of the 1999 amendments to the Texas Lottery Act. Under 1999 amendments, prize winners were allowed to sell and assign their Texas lottery prize payments to others except, but that law did not allow them to sell the last two prize payments – they had to wait for those last two payments to come due.
Understanding the Case
This decision came out of a case that was started by a Texas Lottery prize winner who wanted to assign his final two annual installment prize payments to another party; this was part of a financial arrangement that he was making to pay off a bank debt. The Texas Lottery Commission refused to recognize the assignment because the Lottery Act, in direct conflict with the Texas Uniform Commercial Code (UCC), prohibited the sale and assignment of a winner’s last two lottery prize payments.
As a result of this case, the Texas Supreme Court ruled that the UCC in Texas allows the sale of any lottery prize payments and that these code takes precedence over the Texas Lottery Act. Therefore, sections 466.406 and 466.410 of the Texas Lottery Act were overruled to the extent that they restrict or prohibit the prize winner’s ability to assign any payments. So, while federal law allows cash now for structured settlements, Texas law now allows it for lottery payments as well.
The Basic Facts
In short, all of this means that lottery winners in Texas can now sell all of their lottery payments. If you are interested in considering the sale of the last two payments of your Texas lottery prize, or any of your prize payments, please call us at 1-866-256-0088 and one of our experts will be pleased to discuss your options with you.
Strategic Capital can even provide you with a cash advance, depending on your particular situation! We can give you cash now for structured settlements and lottery payments.
We buy lottery prize payments in every state that allows the sale of prize payments. If you have won the lottery, you could sell all or part of your future lottery payment for a lump sum of cash today and use your cash to pay off your debts, buy a house, pay for education costs, or do all three! Or even buy that vintage corvette you always wanted, if that fits your budget and future financial plan.
Strategic Capital has been in business since 1994. And we have bought over $1.5 billion in future payments. Call us at 1-866-256-0088 to speak to one of our experts.
To find out how much lump sum cash you can get for your lottery prize payments, or to ask about our CASH ADVANCES, please call us at 1-866-256-0088and speak to one of our experts.