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Tag: “best interest” “New York SSPA” “New York structured settlement”

Noting That Wheels Of $600,000 Deal Started Turning Within Two Weeks Of Payee’s 18th Birthday, New York Court Rejects Structured Settlement Factoring Company’s Request For Judicial Approval

Noting That Wheels Of $600,000 Deal Started Turning Within Two Weeks Of Payee’s 18th Birthday, New York Court Rejects Structured Settlement Factoring Company’s Request For Judicial Approval

A structured settlement was set up for payee Daijuan Matos in 2008.  He turned 18 in 2018.  Within two weeks of his 18th birthday, and while he was still in high school, he had not only been approached by a factoring company seeking to purchase his future payments, but had agreed to sell a portion of those payments.  Under the terms of the deal he agreed to, he would sell $1,917.48 out of each payment of $2,750.00 due to be…

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Court Questions Rationale, Rejects Settlement Factoring Transaction

Court Questions Rationale, Rejects Settlement Factoring Transaction

In August, 2016, a Tioga County, New York court approved a transfer of structured settlement payment rights from a payee, Gusta Manuel, to a factoring company.  Among the reasons that were offered for that transaction was that the payee wanted to use at least some of the proceeds of the transaction for his newborn son. Six weeks after that transaction was approved, the court received another application for a proposed transfer from the same payee – and he offered, in part,…

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