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Tag: “best interest” “New York Structured Settlement Protection Act” “New York SSPA” “structured settlement protection” “structured settlement factoring” SSPA “factoring company”

New York Court Rejects Proposed Transfer Of Structured Settlement Payments By Lead Poisoning Victim

New York Court Rejects Proposed Transfer Of Structured Settlement Payments By Lead Poisoning Victim

When Andre Edwards came in front of New York Justice Debra Silver on the hearing on the latest proposed transfer of his structured settlement payment rights, he told her “that the settlement was for the brain damage he sustained as a child, due to lead poisoning.” Justice Silber also learned – during the course of the New York Structured Settlement Protection Act proceeding whereby a factoring company named Sunny Sky sought judicial approval of a proposed sale of some of the settlement…

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Faced with Dueling Petitions, Court Rejects Both Proposed Transfers As Non-Compliant with New York SSPA, Awards Attorneys’ Fees to Insurer

Faced with Dueling Petitions, Court Rejects Both Proposed Transfers As Non-Compliant with New York SSPA, Awards Attorneys’ Fees to Insurer

The “convoluted procedural path” of dueling requests for court approval of proposed transfers of structured settlement payment rights recently led to rejection of both transfers by a New York trial court judge, who found that the transactions did not meet the requirements of the New York Structured Settlement Protection Act and, because of such non-compliance, awarded attorneys’ fees to the annuity issuer and structured settlement obligor. These were “dueling petitions” – simultaneously pending petitions by different factoring companies, with each company trying to…

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New York Court Says Transfer Was Not Fair, Reasonable Where Payee Was to Receive Less Than Half the Payments’ Discounted Present Value

New York Court Says Transfer Was Not Fair, Reasonable Where Payee Was to Receive Less Than Half the Payments’ Discounted Present Value

A proposed transfer of structured settlement payment rights that results in the payee receiving less than half of the discounted present value is not fair and reasonable under the New York Structured Settlement Protection Act, a New York state trial court judge ruled in a recent SSPA matter. In the case of In the Matter of 1 Apollo (Pardo), Index No.: 606049/15, Supreme Court, Nassau County, N.Y. (N.Y. Sup. Ct. Dec. 14, 2015) (Thomas Feinman, J.S.C.), Justice Feinman reviewed many of…

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Too Much Was Missing from Structured Settlement Factoring Papers, Said Court

Too Much Was Missing from Structured Settlement Factoring Papers, Said Court

A petition for court approval of a transfer of structured settlement payment rights is typically commenced by a petition that includes copies of the disclosure statement, the transfer agreement, a list of the payee’s dependents, and often quite a few other documents. But sometimes, courts look at the documentation and focus on what’s missing. Such was the case in a recent New York Structured Settlement Protection Act (SSPA) opinion. In the Matter of J.G. Wentworth Originations, L.L.C. (Shaw), Index No.:…

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After Four Transfers Approved By Maryland Courts, Fifth Transfer of Structured Settlement Payment Rights Is Rejected In New York

After Four Transfers Approved By Maryland Courts, Fifth Transfer of Structured Settlement Payment Rights Is Rejected In New York

The New York court had before it a request for approval of a transfer of structured settlement payment rights, filed by a factoring company pursuant to the New York Structured Settlement Protection Act (SSPA). The transfer involved monthly payments from 2037 to 2044, with a face value of $212,536.68.  In exchange, the payee would receive from the factoring company a payment of $4,000.00. The court rejected the transfer, and noted that this was the payee’s fourth proposed transfer and that…

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