Judge: Armen Tamzarian, Case: 23STCP00762, Date: 2023-04-13 Tentative Ruling

Case Number: 23STCP00762    Hearing Date: April 13, 2023    Dept: 52

Tentative Ruling:

            Petitioner J.G. Wentworth Originations, LLC’s Verified Petition for Approval of Transfer of Payment Rights

            Petitioner J.G. Wentworth Originations, LLC petitions for approval of transfer of structured settlement rights by payee Akiea Galloway.    

Insurance Code section 10137 provides:

A transfer of structured settlement payment rights is void unless a court reviews and approves the transfer and finds the following conditions are met:

(a) The transfer of the structured settlement payment rights is fair and reasonable and in the best interest of the payee, taking into account the welfare and support of his or her dependents.

(b) The transfer complies with the requirements of this article, will not contravene other applicable law, and the court has reviewed and approved the transfer as provided in Section 10139.5.

Insurance Code section 10139.5(b) requires the court to consider 15 enumerated factors in determining whether this transfer should be approved.  After considering all relevant factors and the totality of the circumstances, the court finds the transfer is fair, reasonable, and in payee Galloway’s best interest.

Express Written Findings

Insurance Code section 10139.5(a) requires the court’s order of approval to include six “express written findings.”  The court hereby makes the following express written findings as required under Insurance Code section 10139.5:

(1) The transfer is in the best interest of payee Galloway, taking into account the welfare and support of the payee’s dependents.  Galloway explains she wants to use the money “to move out of my mother’s place where” she is “currently paying to live there as [she] would” in her “own apartment.”  (Galloway Decl., ¶ 10.)  She has no dependents.  (Id., ¶ 8.)

(2) Payee Galloway has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived, in writing, the opportunity to receive the advice.  Galloway signed an acknowledgment that she waived her right to that advice.  (Petition, Ex. E.)

(3) The transferee has complied with the notification requirements pursuant to paragraph (2) of subdivision (f), the transferee has provided the payee with a disclosure form that complies with Section 10136, and the transfer agreement complies with Sections 10136 and 10138.

(4) The transfer does not contravene any applicable statute or the order of any court or other government authority.

(5) Payee Galloway understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136.

(6) Payee Galloway understands and does not wish to exercise her right as payee to cancel the transfer agreement.

Disposition

The court hereby grants petitioner J.G. Wentworth Originations, LLC’s petition for approval for transfer of payment rights.  The court hereby approves the proposed transfer attached to the petition as Exhibit A.