Other Factors that Determine a Successful Transfer in Court
Newswire Sept. 14, 2014 12:58 p.m.
Mental Capacity and Other Factors that Determine a Successful Transfer in Court
The court considers the following information, (but not limited to) before approving a structured settlement transfer:
10139.5(a)(6)(b) “The reasonable preference and desire of the payee to complete the proposed transaction, taking into account the payee’s age, mental capacity, legal knowledge, and apparent maturity level”
What does this mean?
“Reasonable preference and desire” means the courts wants to make sure you are not being railroaded into selling your payment rights, and also that you are in agreement with the price and the terms of the contract. An independent professional adviser helps you understand what OTHER prices are available to you.
“Payee’s age” is self-explanatory. Too old? Different rules apply for minors. Independent professional advisers are aware of all rules that apply for minors. Age doesn’t mean the person will understand what is going on, necessarily. Independent professional advisers are handy at explaining.
“Mental Capacity” Barrons Law Dictionary states “Capacity” to mean, “Mental ability to make a rational decision, which includes the ability to perceive and appreciate all relevant facts”.
“Legal knowledge” Are you aware of fair/unfair business practices in contract writing? Do you know how to provide “full disclosure” for the Courts? Do you know how to tell if were getting ripped off?
“Apparent maturity level” Are you mature enough to enter into contract and handle large sums of money? Do you carry out your civil duties and responsibilities like a mature person?