Under Maryland law, winners of Maryland Lottery prizes that are payable in installments over a period of time may be voluntary sold or assigned by the prizewinner in accordance with MD Code, State Government § 9-122 et seq. (Regulation of prizes and payments). Individuals who win a Lottery prize in Maryland often want to sell all or a portion of their future Lottery prize payments in exchange for an immediate lump sum payment. Mike Bramnick represents investors and factoring companies that purchase Maryland Lottery prize payment streams from such individuals.
The sale and assignment of Maryland Lottery prize payments requires Court approval for a transaction to be completed. There are a number of specific technical requirements that must be strictly complied with in accordance with MD Code, State Government § 9-122 et seq. for a transaction to be approved, including but not limited to:
- The Lottery prizewinner must be provided with a detailed disclosure statement from the purchaser clearly reflecting the material terms of the transaction;
- The Lottery prizewinner must sign a contract and sworn affidavit in conformity with the requirements of the Maryland statute;
- The Lottery prizewinner must be receive independent advice about the transaction from an attorney;
- A Petition must be filed in Circuit Court for approval.
Mike Bramnick represents investors, purchasers and factoring companies in their acquisition and assignment of Maryland Lottery prize payments. If you or your company are purchasing a Lottery prize and require legal representation contact Bramnick Creed today at (301) 547-3647 or by email at Mike@BramnickCreed.com.