Petitioner Intelifund, LLC’s Petition for Approval of Transfer of Structured Settlement Payment Rights

            Petitioner Intelifund, LLC petitions for approval of transfer of structured settlement rights by payee Moises Santiago.

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 Moises Santiago’s best interest.

Under the transfer agreement, Intelifund will pay Moises Santiago $173,908.78 for the right to three future payments totaling $296,061.08.

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 Santiago, taking into account the welfare and support of the payee’s dependents.  Santiago has no dependents.  (Ex. 3.)  He plans to use the money for a down payment for a house.  (Ex. 5, Santiago Decl., ¶ 6.) 

(2) Payee Santiago has been advised in writing by Intelifund, LLC to seek independent professional advice regarding the transfer and knowingly waived, in writing, the opportunity to receive the advice.  (Exs. 4, 7.) 

(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 Santiago understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136.

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

Disposition

The court hereby grants petitioner Intelifund, LLC’s petition for approval for transfer of structured settlement payment rights.  The court hereby approves the proposed transfer attached to the motion as Exhibit 2.