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Tag: “New York SSPA” “New York structured settlement protection” “New York structured settlement factoring” “structured settlement protection” “structured settlement factoring”

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 Settlement Protection Act Falls Within Scope Of ‘Applicable Law’ In Florida Protection Act Proceeding, Says Court

New York’s Structured Settlement Protection Act Falls Within Scope Of ‘Applicable Law’ In Florida Protection Act Proceeding, Says Court

A Florida court recently rejected a proposed transfer of structured settlement payment rights, on the grounds that New York’s structured judgment law barred the transfer. The proceeding was filed by factoring company JLC Capital Funding, and sought approval of the transfer pursuant to the Florida Structured Settlement Protection Act. The Florida judge ruled that the New York structured judgment law, Article 50-B of New York’s Civil Practice Law & Rules § 5041 et seq., fell within the scope of “applicable…

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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 Silber 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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Four Months After Prior Transfer’s Denial, New York Court Rejects Another Settlement Factoring Deal

Four Months After Prior Transfer’s Denial, New York Court Rejects Another Settlement Factoring Deal

In only one of five prior proposed transfers of structured settlement payment rights in the previous five years did a court approve the transaction – and when a court considered a sixth proposed transfer, it pointed out that the papers before it did “not explain how the money from the prior approved transfer was spent, and if it went to the intended purposes.” The result, not surprisingly, was the the court rejected the sixth proposed transfer.  In doing so, it took…

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New York District Attorney Announces Indictment in Connection with Forged Orders in Structured Settlement Factoring Matters

New York District Attorney Announces Indictment in Connection with Forged Orders in Structured Settlement Factoring Matters

The Manhattan District Attorney’s office last week indicted a former law firm paralegal for forging the signatures of judges in cases involving transfers of structured settlement payment rights. The District Attorney’s office announced the indictment of Thomas Rubino “for forging the signatures of 76 New York State Supreme Court Justices while he was employed as a paralegal for Paris and Chaikin, P.L.L.C.,” a law firm retained to represent factoring companies in matters involving requests for judicial approval of proposed transfers of…

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No Proof Of Disclosure Statement’s Timing or Delivery Method? No Approval Of Settlement Factoring Transaction, Says New York Court

No Proof Of Disclosure Statement’s Timing or Delivery Method? No Approval Of Settlement Factoring Transaction, Says New York Court

Structured settlement protection acts (SSPAs) generally require that a company seeking to purchase payment rights from a payee must provide the payee with a disclosure statement, and that the payee must receive the disclosure statement a set number of days before the payee signs anything relating to the transaction. The New York SSPA also specifies the method by which the disclosure statement must be provided to the payee. Sometimes, the reviewing court – meaning the court that is being asked by…

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Courts Reject Transfers Where Proof of Disclosure Delivery is Lacking

Courts Reject Transfers Where Proof of Disclosure Delivery is Lacking

The New York Structured Settlement Protection Act, New York General Obligations Law §§ 5-1701 to 5-1709, provides that a transfer of structured settlement payment rights is not effective without court approval, and must meet other statutory requirements, such as that the payee must receive a disclosure statement with important financial and other information. One of the additional requirements is that the petitioning factoring company must provide the court with proof of delivery of the disclosure statement to the payee. New York…

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