Source: http://structuredsettlementadvisor.info/2014/12/
Timestamp: 2019-04-19 01:16:06+00:00

Document:
They Can’t Lock You Into Selling They Rest of Your Payments With Them!
“Buyer’s first right of refusal” means any provision or condition in the transfer agreement or related documents that obligate the payee (you) to give to the buyer (transfer company) the first choice or option to purchase any remaining structured settlement rights belonging to the payee (you).
It’s a free world out there. You can sell to whomever you want. Just because you sold to Company “A” years ago, doesn’t mean you have to sell to Company “A” again. You can sell to Company “X” if you’d like!
There used to be a time where some, not all, transfer companies would put a clause in the transfer agreement or related documents, making the seller of structured settlement payment rights only do business with them in the future if the seller wanted to sell off the rest or more of their payment rights.
Since the onset of §10138(a)(12), that kind of language and wording can no longer be placed in any of the documents for contracting the payee. Why would it matter any way? Not all transfer companies offer the same amount of money for your dollar. Some transfer companies offer more money, some offer less; and it is best to shop around.
The best way to shop around is with an independent professional adviser. Someone who can play hardball with these transfer companies; someone who can go to bat for you; someone who already knows the rules to the game and can negotiate a better rate for your dollar.
They Can’t Make You Enter Into a Security Interest Agreement that Exceeds the Actual Dollar Amount of Your Transfer.
The transfer company wants to know you’ll make good on your obligation, so they attach a “security interest”. This practice happened a lot between 1988-2002 when transfers weren’t ordered to go through the Court Process. During this time period, security interests amounts got out of hand, and exceeded the transfer amount, leaving the consumer penniless, and unable to sue the transfer company because of other indemnification, hold harmless, and defend clauses in the transfer agreement.
Now, §10138(a)(11) still stands, and security interests can still occur in California, however they cannot exceed the amount of the transfer itself.
Some states, like Virginia do not allow security interests at all. Concerned about how much the security interest could be? Contact an independent professional adviser right away. Not just any attorney, or tax person. Contact a professional well versed in this industry. They are here to help.
They Can’t Change California as Your Court Venue if You’re from California, and the Original Incident Happened in a Different State, and/or Other Involved Parties are from a Different State.
“Choice-of-law”, or “conflict-of-law” means that body of law by which the court in which the action is maintained determines or chooses which law to apply where a diversity [people from different states] exists between the applicable law of that court’s state [the forum or host state] and the applicable law of anther jurisdiction interested in the controversy.
The conflict of which state law is to be applied, is not for the transfer company to decide. This “conflict” is settled by §10138(a)(10) clearly stating that if the payee has residency in California at the time of signing the transfer agreement, all California laws have power over the transfer.
There was a time, before §10138(a)(10) existed that some transfer companies exercised some muscle and decided for the California payee where their case was going to be heard.
This won’t happen anymore because of §10138(a)(10). If you have any questions about jurisdiction, contact an independent professional adviser today.
They Can’t Choose Which State Your Court Proceedings Will Be Heard and Decided!
California has the most consumer protection laws in place regarding transfers of structured settlement payment rights. California also places fines and other punishments on transfer companies and parties that act fraudulently in Court Proceedings. Most states don’t punish businesses, or individuals assisting consumers.
Some, not all, transfer companies have tried in the past to change states in which court proceedings are heard, by including a clause in the transfer agreement stating so. Other states don’t have as stringent laws regarding the transfer of structured settlement payment rights; therefore, it would be easier for the transfer company to make more money off the consumer. This is now illegal since §10138(a)(9) has been established.
California is a most desirable state to transfer your structured settlement payment rights for consumers because of all the protection afforded to the consumer. To find out more information on residency contact an independent professional adviser today.
Even if you know you are a resident, jurisdiction issues come up all the time. Sometimes other parties involved in your case are from other states; how does this effect your case? Contact an independent professional adviser today to get all of your questions answered.
You have a lot of rights as the seller of structured settlement payment rights. One of them is your right to sue the transfer company if need be; or not to sue. Either way §10138(a)(1) tells the transfer company they cannot include a condition in the transfer agreement that restricts the seller from suing them under any condition.
This code was created because somewhere down the line millions of consumers were unable to sue the transfer company-for whatever reason-because of a clause written in the contract by the transfer company binding the consumer not to sue the transfer company.
As a U.S. citizen with no felonies, it is your right to sue. This kind of wording, or provision in a contract is what we call oppressive, and unjust.
Clearly the transfer company is the dominant party with the upper hand: they are in charge of drafting the contract, they have several attorneys working for them, and they are the corporation, not you. You are a private person probably not well versed in contract law, let alone the California Code of Insurance 10134-10139.5.
One way you can get an upper hand is to hire an independent professional adviser that can provide insight on what to expect in the court proceedings. Call today for a consultation. We can walk you through the steps.

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