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Tag: Florida structured settlement factoring

‘Underwriter’ And ‘Guarantor’ Of Factoring Transaction? Third Circuit Mistakenly Looks To Non-Party

‘Underwriter’ And ‘Guarantor’ Of Factoring Transaction? Third Circuit Mistakenly Looks To Non-Party

In Wall v. Corona Capital, LLC, Nos. 17-2275 and 17-2361, 2018 U.S. App. LEXIS 33071 (3rdCir. Nov. 23, 2018), the U.S. Court of Appeals for the Third Circuit ruled that Altium Group, LLC, did not breach its contract with Robert and Linda Wall, in a dispute over a structured settlement factoring transaction that the Walls invested in before it turned out that the transaction documents had been forged. As described in posts here and here, in 2012, Altium and the Walls…

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In Wall v. Corona Capital, Federal Appeals Court Did Not Make Distinction Between Sale Of Structured Settlement Payment Rights (Which Was At Issue) And Sale Of Annuity (Which Was Not)

In Wall v. Corona Capital, Federal Appeals Court Did Not Make Distinction Between Sale Of Structured Settlement Payment Rights (Which Was At Issue) And Sale Of Annuity (Which Was Not)

As discussed in this post, a federal appeals court has ruled against investors in a structured settlement factoring transaction, reversing a lower court ruling that said they could recover from an investment company that had sold them its putative rights to future structured settlement payments. The opinion contains some statements that are, at best, difficult to square with applicable law, including prior precedent from the same federal appeals court.  Those statements are worth reviewing, and some are looked at more…

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Florida Court Rules That Factoring Company Failed To Include Statutorily-Required Choice-Of-Venue Clause In Proposed Contract

Florida Court Rules That Factoring Company Failed To Include Statutorily-Required Choice-Of-Venue Clause In Proposed Contract

The Florida court that recently rejected a proposed transfer of structured settlement payment rights because the transaction violated New York’s structured judgment law also addressed the fact that the proposed contract did not contain a provision required under Florida law. In the opinion in In Re: Approval Of Transfer Of Structured Settlement Payment Rights Between JLC Capital Funding and Ortega, Case No.: 16-CA-003649, 2018 WL 1896171, Circuit Court, Lee County, Fla. (Fla. Cir. Ct. Mar. 28, 2018), the Florida Circuit Court…

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New York’s Structured Judgment Law Bars Settlement Factoring Deal, Says Court

New York’s Structured Judgment Law Bars Settlement Factoring Deal, Says Court

New York’s structured judgment statutes are found in Civil Practice Law & Rules Sections 50-A and 50-B.  Section 50-A is entitled “Periodic Payment of Judgments in Medical and Dental Malpractices Actions”, and Section 50-B is called “Periodic Payment of Judgments in Personal Injury, Injury to Property, and Wrongful Death Actions”.  Both require, under certain circumstances, that certain awards to claimants be paid over time.  Both also provide that such payments over time are non-assignable, except in certain circumstances.  In particular,…

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Florida Court Sentences Factoring Company Attorney for Forging Judges’ Signatures on ‘Orders’ Involving Transfers of Settlement Payments

Florida Court Sentences Factoring Company Attorney for Forging Judges’ Signatures on ‘Orders’ Involving Transfers of Settlement Payments

One-hundred and eleven and three-hundred and sixty-four. One-hundred and eleven is the number of times that Jose Manuel Camacho Jr. was alleged to have forged the signatures of Broward County, Florida, judges on documents that he passed off as “orders” – orders approving transfers of structured settlement payment rights. Three-hundred and sixty-four is the number of days that Camacho was sentenced to spend in county jail, when he was sentenced in August, after pleading guilty to 14 counts of forgery…

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Add Oregon to List of States Enforcing Insurers’ Contract Rights under Structured Settlement Agreements

Add Oregon to List of States Enforcing Insurers’ Contract Rights under Structured Settlement Agreements

As described in this post, the Oregon Courts of Appeals in Johnson v. J.G. Wentworth Originations, LLC, 284 Ore. App. 47, 2017 Ore. App. LEXIS 280  (Ore. Ct. App. Mar. 1, 2017), earlier this year upheld the rights of a structured settlement obligor and annuity issuer to enforce a contractual anti-assignment provision and thereby preclude a proposed structured settlement factoring transaction. The post pointed out that the decision, in a proceeding commenced pursuant to the Oregon Structured Settlement Protection Act, applied California law, and followed “earlier precedent…

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After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

After Court Invalidates Structured Settlement Payment Transfer Order, Re-Assignees Sue Financial Advisors, Factoring Company

The federal court’s ruling last week in a lawsuit captioned Wall v. Corona Capital, Civil Action No. 16-1044, 2016 U.S. Dist. LEXIS 161683 (W.D. Pa. Nov. 22, 2016), has to do primarily with whether the court has personal jurisdiction over Corona in Pennsylvania, and also whether the court should agree with a financial advisor company’s request to transfer to federal court in New Jersey. And the decision can be summed up by saying that the court found that it did not…

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