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Tag: New York SSPA

What If A Factoring Company Tries To Buy Payments That Don’t Exist? Court Dismisses Petition By Factoring Company

What If A Factoring Company Tries To Buy Payments That Don’t Exist? Court Dismisses Petition By Factoring Company

A structured settlement factoring company filed a petition for approval of a transfer of the right to receive future structured settlement payments.  The petition alleged that the proposed transfer from the payee to the factoring company would meet the requirements of the New York Structured Settlement Protection Act, which provides that such transactions are not legally effective unless and until a court approves the transfer based on a finding that the transfer meets the requirements of the New York SSPA….

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If Factoring Company Can’t Get Number of Payee’s Children Right, What Else Is Wrong?

If Factoring Company Can’t Get Number of Payee’s Children Right, What Else Is Wrong?

Under the New York Structured Settlement Protection Act, as under most of the other forty-eight state structured settlement protection acts, a factoring company must file with a court documents that are sufficient to convince the court to approve a transfer of structured settlement payments from an individual payee to the company. The documentation must, as per SSPA requirements, inform the court about the number and ages of the payee’s children. What happens if the factoring company says that the payee…

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What Happens When A Factoring Company Provides Incorrect Information To A Judge About Prior Structured Settlement Transfer Matters?

What Happens When A Factoring Company Provides Incorrect Information To A Judge About Prior Structured Settlement Transfer Matters?

What happens when a factoring company provides a judge with incorrect information about prior matters involving structured settlement payment rights? In one case from earlier this year, the result is that the transfer is rejected by the court – although the inaccurate information appears to have been just one of many defects taken into account by the court. The case is Advance Funding, LLC v. Oladipo, Index No. 600852/14, Supreme Court, Nassau County (N.Y. Sup. Ct. Apr. 14, 2014), and…

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Another Kind of Forged Order Leads to Iowa Woman’s Guilty Plea

Another Kind of Forged Order Leads to Iowa Woman’s Guilty Plea

As readers of Secondary Insurance Market Blog are aware, courts in New York state have been dealing with situations where court orders have been fabricated, and judges’ signatures forged. Some were led by those forged orders to believe that certain structured settlement factoring transactions had received court approval – a necessity for the transaction to become legally effective – when they had not. The prior posts on this blog that have to do with the New York state forged orders, and some…

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