Day: June 10, 2019

PART III of IV §10135. “Transfers governed by article; RequirementsOriginally Posted on January 16, 2015 and reposted on June 10, 2019

PART III of  IV §10135.  “Transfers governed by article; Requirements

  • 10135 third subsection (c) the third of three (3) types of transfers allowed under structured settlement law is :
  1. Third type of transfer

(c) This article is only applicable to transfers of structured settlement payment rights if one of the following requirements is met:

(1) The payee is domiciled in California at the time the transfer agreement is signed by the payee.

(2) The payee is not domiciled in California at the time the transfer agreement is signed and the state where the payee is domiciled does not have a structured settlement transfer statute, but either the structured settlement obligor or annuity issuer is domiciled in California.

States that DO NOT HAVE A STRUCTURED SETTLEMENT STATUTE:

  1. New Hampshire
  2. Wisconsin

For more details on living outside of California with a “California” structured settlement that you need to transfer the payment rights, call an independent professional adviser to get the most up to date information.

Some explanations:

  1. Domicile means, the place where a person has his/her permanent principal home to which he/she returns or intends to return.
  2. If a person has many domiciles, then their principle domicile would be the one in the state where they file taxes, or where their principal place of business is located.
  3. If there is no “domicile” and the person lives “on the road”, the domicile is the state where that person conducts the most business: mail/taxes/work/business/family/car repair/church.

Originally posted 2015-01-16 21:12:37. Republished by Blog Post Promoter

The post PART III of IV §10135. “Transfers governed by article; Requirements<span class="entry-meta">Originally Posted on January 16, 2015 and reposted on June 10, 2019</span> appeared first on Structured Settlement Expert.

Block 11.3 Article 2.3 Transfers of Structured Settlement Payment RightsOriginally Posted on June 25, 2015, last updated on February 13, 2016 and reposted on June 10, 2019

Block 11.3 Article 2.3 Transfers of Structured Settlement Payment Rights

10136(c)(11) Justice Continues to Prevail for Consumers; Court Jurisdiction

 

In an effort to protect the consumer, California legislators once again make provisions in the California Insurance Code.  This provision mandates the transfer company to include a statement in a Disclosure Statement to the consumer stating, whichever Superior Court has begun proceedings, will continue proceedings as justice may require.  In other words, the Superior Court will not suddenly switch up on you.

 

Code (11) is as follows:

10136(c)(11) A statement that the court approving the transfer agreement retains continuing jurisdiction to interpret and monitor implementation of the agreement as justice may require.

 

Why is this statement so important?

There was a time when the transfer company, or the annuity issuer could request a change of jurisdiction.  By jurisdiction, I mean a change of Superior Court; such as the County in which the transfer company is located; which could be in another state.

 

The rules today mandate the proceedings to take place in the County where the payee resides, and the proceedings will STAY in that County, as justice may require.

 

Do independent professional advisers have experience in most counties in California?  No.  Best to ask immediately if your independent professional adviser is:  first, experienced in structured settlement transfer law; second, if they have experience in your county.

 

Each county’s Superior Court has different “rules of court” or “local, local rules”.  You know you’ve got a good independent professional adviser when the adviser has experience in both structured settlement law and in various counties.

 

Call today for a consultation.

http://eahtirski.com

Toy Businessman and Pile of Money

Originally posted 2015-06-25 19:58:56. Republished by Blog Post Promoter

The post Block 11.3 Article 2.3 Transfers of Structured Settlement Payment Rights<span class="entry-meta">Originally Posted on June 25, 2015, last updated on February 13, 2016 and reposted on June 10, 2019</span> appeared first on Structured Settlement Expert.