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Transfer Company

By AFG Newswire Nov.30, 2014 9:59 a.m. Block 15.3  Article 2.3 Transfers of Structured Settlement Payment Rights

Part 10 California Residents:  What the Transfer Company Can’t Make You Do

 

They Can’t Choose Which State Your Court Proceedings Will Be Heard and Decided!

  • 10138(a)(9)”If the payee is domiciled in California at the time that the transfer agreement is signed by the payee, any forum selection provision providing for jurisdiction to be in a court outside of California for any action arising under the contract.”

 

California has the most consumer protection laws in place regarding transfers of structured settlement payment rights.  California also places fines and other punishments on transfer companies and parties that act fraudulently in Court Proceedings.  Most states don’t punish businesses, or individuals assisting consumers.

 

Some, not all, transfer companies have tried in the past to change states in which court proceedings are heard, by including a clause in the transfer agreement stating so.  Other states don’t have as stringent laws regarding the transfer of structured settlement payment rights; therefore, it would be easier for the transfer company to make more money off the consumer.  This is now illegal since §10138(a)(9) has been established.

 

If you are living, or if you believe your residence is in California where you can establish a minimum contact, in other words, you travel a lot (domestically, or internationally); don’t really have a home in one place, but you wish to fall under the jurisdiction of California what you would have to establish at the time of signing the transfer agreement is:

  • transaction of business
  • ownership of real estate
  • commission of a tortious (unlawful) act
  • or other reasonable relationship

California is a most desirable state to transfer your structured settlement payment rights for consumers because of all the protection afforded to the consumer.  To find out more information on residency contact an independent professional adviser today.

 

Even if you know you are a resident, jurisdiction issues come up all the time.  Sometimes other parties involved in your case are from other states; how does this effect your case?  Contact an independent professional adviser today to get all of your questions answered.