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No Proof That Factoring Company Notified California Attorney General, Payee, Others, Says Court In Rejecting Proposed Transfer

No Proof That Factoring Company Notified California Attorney General, Payee, Others, Says Court In Rejecting Proposed Transfer

The payee changed his mind about selling his settlement payment rights, and the factoring company provided the court with no proof of service on interesting parties and included a prohibited provision in its proposed contract, so a California court recently issued a ruling rejecting a proposed transfer of structured settlement payment rights. Orange County, California, Superior Court Judge Robert J. Moss issued a May 18, 2018 tentative order denying the petition for court approval, under the California Structured Settlement Protection…

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A Factoring Transaction Might Need Approval From More Than One Court – But The Factoring Company May Need To Provide an Explanation

A Factoring Transaction Might Need Approval From More Than One Court – But The Factoring Company May Need To Provide an Explanation

Under the laws of forty-eight states, structured settlement factoring transactions are generally effective unless and until they receive court approval, by way of a court order issued pursuant to applicable structured settlement protection act (SSPA) requirements. Sometimes, those requirements can mean that the transfer needs approval from more than one court.  A commentary on the subject describes an example this way: For example, if a factoring company proposes to acquire a structured settlement payment rights from a payee who is…

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