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Tag: “interested parties” “New York Structured Settlement Protection” “structured settlement protection” SSPA “structured settlement factoring “New York SSPA” “disclosure statement” “J.G. Wentworth”

Another Reason To Reject Proposed Transaction: No Proof That Settlement Factoring Company Served Payee, Says Court

Another Reason To Reject Proposed Transaction: No Proof That Settlement Factoring Company Served Payee, Says Court

As described here, a New York court this year rejected an “unconscionable” proposed transfer of structured settlement payment rights as failing to meet either the “best interest” or “fair and reasonable” standard of the New York Structured Settlement Protection Act. Acting Supreme Court Justice John H. Rouse, in In the Matter of the Petition of J.G. Wentworth Originations, LLC (Sanders), Index No. 001145, Supreme Court, Suffolk County, N.Y. (N.Y. Sup. Ct. May 21, 2018), also said that the factoring company failed to…

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Improper Notice, Other Defects Result In Rejection Of Structured Settlement Factoring Transaction

Improper Notice, Other Defects Result In Rejection Of Structured Settlement Factoring Transaction

A New York trial court found that a factoring company had not properly served notice on interested parties, as well as other problems with a proposed transfer of structured settlement payment rights. Accordingly, the court in In the Matter of J.G. Wentworth Originations, L.L.C. (Timothy Couillard), No. 28140/2010, 31 Misc.3d  1209(A) (N.Y. Sup. Ct. Apr. 11, 2011), denied the factoring company's request, under the New York Structured Settlement Protection Act (SSPA), for court approval of the transfer. The court said the…

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