Appeals Court: New Jersey Lottery Assignment Law Means Last Two-Year Stretch of Winner’s Payments Can’t Be Sold
A number of states have statutes that govern the assignment of lottery prize payments. New Jersey’s, enacted in 1998, contains a provision that says that a lottery winner cannot sell “the last two annual prize payments”. This phrase, argued factoring company BofI Federal Bank in a case decided this month (In re: Petition of BofI Fed. Bank to Assign Lottery Prize Payment Rights, Docket No. A-1694-12T3, 2014 N.J. Super. Lexis 134 (N.J. Super. Ct., App. Div. Oct. 3, 2014)), meant…