Understanding the “Qualified Assignment” During the Purchase of Structured Settlement Payment Rights If You Can’t Understand This, it’s Time for an Independent Professional Adviser In simple terms, the qualified assignment is the document that takes the defendants obligation to make periodic payments to the plaintiff, and officially assigns that obligation to a third party. The third party then purchases an annuity with the promise to pay money to the plaintiff in the future. This way the plaintiff and the defendant no longer have to communicate with each other ever again. This document names: the plaintiff / claimant, the […]
Companies Can Still Buy Structured Settlement Payments Part II Companies that buy structured settlements have to put up with a lot to exist and do what they do. Despite the fact that these companies are now recognized in the structured settlement industry and legislation has been put in place for them to conduct their business in an ethical way, associations like the National Structured Settlements Trade Association (NSSTA) still openly discourage claimants from even considering selling their structured settlement payments. Like we said in the Part I of “Companies Can Still Buy Structured Settlement Payments”, we understand the impetus […]
The post Companies Can Still Buy Structured Settlement Payments Part II appeared first on Structured Settlement Attorney 800.200.4384.
The post Companies Can Still Buy Structured Settlement Payments Part II<span class="entry-meta">Originally Posted on December 29, 2014 and reposted on June 27, 2019</span> appeared first on Structured Settlement Expert.
Article 2.3 Transfers of Structured Settlement Payment Rights
What is 10136(c)(1)?
(In italics and (1) is bolded)
10136(c) The transfer agreement shall be written in at least 12-point type and shall be complete and without blank spaces to be completed after the payee’s signature. The transfer agreement shall set forth clear and conspicuously, and in no less than 12-point type, all of the following:
(1) A statement that the agreement is not effective until the date on which a court enters a final order approving the transfer agreement and that payment to the payee pursuant to the transfer agreement will be delayed up to 30 days or more after the date the payee signed the transfer agreement in order for the court to review and approve the transfer agreement.
What Does (1) Mean?
What (1) means is that somewhere obviously placed in the transfer agreement, you will see a statement that states something to the effect: just because you signed the transfer agreement and submitted it to the court, doesn’t mean you’re going to get your money the same day.
(1) means that the transfer company HAS to tell the payee in writing about the delay in time, after the payee has signed the transfer agreement, and possibly has been to court, so the payee has no false expectations, or is not mislead in any way shape or form about when to expect any money, or possibly being denied.
The delay can be more than 30 days, and the reason is that the courts need to review and approve the transfer agreement. The time-frame could be 30-45-60-90 days! Talk to your independent professional adviser to speed things up!
The transfer agreement has a lot of technical information about the transfer company, the casualty insurer, and the life insurer, the annuity issuer, and even the annuity issuer too. Don’t take it personally if the transfer agreement doesn’t go through the first time around. Remember, most transfer cases go through; you get second, third and fourth chances!
Originally posted 2015-06-25 19:59:08. Republished by Blog Post Promoter
The post Article 2.3 Transfers of Structured Settlement Payment Rights<span class="entry-meta">Originally Posted on June 25, 2015 and reposted on June 27, 2019</span> appeared first on Structured Settlement Expert.