Courts Give You Another Chance If Violations Are Found When Trying To Transfer Your Structured Settlement Payment Rights
Courts Give You Another Chance if Violations are Found When Trying to Transfer Your Structured Settlement Payment Rights
The Majority of Hearings are Approved
According to the Office of the Attorney General, most petitions are approved for the transfer of structured settlement payment rights.
Back in January 2002 to September 2003, of the 632 petitions to sell structured settlement payment rights in California, 541 (85.6 percent) were approved, 66 (10.4 percent) were withdrawn, and only 24 (3.8 percent) petitions were denied.
This was roughly 11 years ago. The numbers have grown, but the proportions remain the same.
If You Walk into the Hearing and the Courts Find Violations
The judge will point out violations. The California Insurance Code will be referenced as to exactly what has been violated. Most people are given another chance to correct the mistake or mistakes made, and the parties are allowed to come back to court for another hearing.
Not all Counties are the Same
Some counties show more leniencies than others do. Your best bet is to find an independent professional adviser that specializes in this industry, and who has experience in multiple counties throughout the state.
See Office of the Attorney General Public Rights Division/Consumer Law Section, Impact of Prior Court Approval on the Transfer of Structured settlement Payments Rights, submitted to the California Legislature pursuant to INS. CODE § 1039.5(e) (March 2004).