On Apr. 7, VA LEG issued rules on assignment of causes of action.
VA LEG enacted Bill HB 2636; assignability of legal claims/proceeds from court awards.
Document dated Mar. 21, 2025, was received on Apr. 7 due to a fixed feed.
Bill Provisions
Cannot prohibit injured party/estate from making a voluntary assignment of proceeds of any court award/settlement; into self-settled trust with injured party is beneficiary.
Or as a security for new value given in consideration of such voluntary assignment.
Self-settled trust can support charitable purpose of one/more charitable organizations.
Legislative History
On Jan. 13, 2025, bill introduced in the House; on Feb. 4, 2025, bill passed the House.
On Feb. 5, 2025, bill introduced in Senate; on Feb. 19, 2025, bill passed the Senate.
On Mar. 21, 2025, governor signed bill into law, assigned Chapter 295 (Chapter 295).
