Judge: Elaine Lu, Case: 24STCP00034, Date: 2024-02-09 Tentative Ruling

Case Number: 24STCP00034    Hearing Date: March 7, 2024    Dept: 26

On January 5, 2024, Petitioner J.G. Wentworth Originations, LLC (“Petitioner”) filed the instant petition seeking the court’s approval of the transfer of a certain structured settlement payment rights by David Olguin (“Payee”) to Petitioner.

On January 12, 2024, the Court granted Petitioner’s ex parte application to advance the hearing on the petition to February 9, 2024.

On January 16, 2024, Petitioner filed an amended petition for transfer of payment rights.

On February 5, 2024, Payee filed a declaration under oath giving notice to all parties of his intent to cancel the transaction.

At the hearing on February 9, 2024, Petitioner’s Counsel advised that he had not received the declaration that Payee filed.  Therefore, the Court continued the hearing for the instant petitioner to March 7, 2024.  (Minute Order 2/9/24.)

Payee states that he no longer wishes to proceed with this transaction as he does not feel that the transaction with Petitioner is in his best interest.  (Olguin Decl. ¶ 3.)  On February 5, 2024, Payee sent a letter to Petitioner expressing that he no longer seek to proceed with the transaction.  (Olguin Decl. ¶ 4, Exh. 1.)

“At any time before the date on which a court enters a final order approving the transfer agreement pursuant to Section 10139.5, the payee may cancel the transfer agreement, without cost or further obligation, by providing written notice of cancellation to the transferee.”  (Ins. Code, § 10136(e).)

Here, Petitioner has received written notice of Payee’s cancellation of the transfer agreement before the hearing for the instant petition.  Accordingly, the instant petition must be denied.

The Court hereby DENIES the instant petition and DISMISSES the action.

Court Clerk to give notice to Petitioner.  Petitioner is to give notice to Payee and file proof of service of such.