Source: http://structuredsettlementadvisor.info/2014/12/
Timestamp: 2017-12-18 22:26:10
Document Index: 563417797

Matched Legal Cases: ['art 12', '§10138', 'art 10', '§10138', 'art 2', '§10138']

December 2014 - Structured Settlement
By AFG Newswire Nov.30, 2014 12:46 p.m. Block 15.5 Article 2.3 Transfers of Structured Settlement Payment Rights
Part 12 California Residents: What the Transfer Company Can’t Make You Do
They Can’t Make You Enter Into a Security Interest Agreement that Exceeds the Actual Dollar Amount of Your Transfer.
10138(a)(11) “A provision that provides the transferee (any person receiving structured settlement payment rights resulting from a transfer) with a security interest or collateral interest in any structured settlement payment rights that exceed the actual dollar amount of the structured settlement payment rights being transferred.”
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.
By AFG Newswire Nov.30, 2014 9:59 a.m. Block 15.3 Article 2.3 Transfers of Structured Settlement Payment Rights
Part 10 California Residents: What the Transfer Company Can’t Make You Do
They Can’t Choose Which State Your Court Proceedings Will Be Heard and Decided!
10138(a)(9)”If the payee is domiciled in California at the time that the transfer agreement is signed by the payee, any forum selection provision providing for jurisdiction to be in a court outside of California for any action arising under the contract.”
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.
If you are living, or if you believe your residence is in California where you can establish a minimum contact, in other words, you travel a lot (domestically, or internationally); don’t really have a home in one place, but you wish to fall under the jurisdiction of California what you would have to establish at the time of signing the transfer agreement is:
commission of a tortious (unlawful) act
or other reasonable relationship
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.
By AFG Newswire Nov.22, 2014 2:52 p.m. Block 13.4 Article 2.3 Transfers of Structured Settlement Payment Rights
Part 2 California Residents: What the Transfer Company Can’t Make You Do
10138(a)(1) “Any provision that waives the seller’s right to sue under any law, or in which the seller agrees not to sue, or that waives jurisdiction or standing to sue under the contract.”
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.