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.