Judge: Gary I. Micon, Case: 24CHCP00234, Date: 2024-09-11 Tentative Ruling

Case Number: 24CHCP00234    Hearing Date: September 11, 2024    Dept: F43

DRB Capital, LLC, vs. J.J.

Trial Date: N/A

PETITION FOR APPROVAL FOR TRANSFEER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

MOVING PARTY: Petitioner DRB Capital, LLC

RESPONDING PARTY: No response has been filed.

RELIEF REQUESTED

Petitioner is requesting that the Court approve the transfer of certain structured settlement payment rights to it.

RULING: Petition is denied.

SUMMARY OF ACTION AND ANALYSIS

The payee in this case, J.J., entered into an agreement for the settlement of a claim for damages. Wilton Re Annuity Service Corporation is the Structured Settlement Obligor and has a continuing periodic payment obligation to J.J. Transamerica Life Insurance company has issued an insurance contract used to fund the structured settlement payment obligations of the Obligor.

J.J. now seeks to transfer the Periodic Payments in exchange for a lump sum payment. J.J., as the transferor, seeks to transfer his payments to Petitioner DRB Capital, LLC.

Petitioner DRB Capital, LLC, and J.J., who is at least 18 years old, have entered into an agreement for J.J. to transfer certain payments to DRB Capital. However, the amount of these payments is unknown because the Agreement submitted to the Court is redacted. Furthermore, no Payee declaration has been submitted, either.

The Petition and accompanying moving papers submitted by Petitioner do not comply with the requirements of Cal. Insurance Code §§ 10134-10139.5. The Petition does not include the required information and is not accompanied by a Declaration from J.J., the Payee. Petitioner has submitted Disclosure Notices (Insurance Code § 10136(b)), and the Purchase Contracts (Insurance Code §§ 10136(c) and 10138), but it is impossible for the Court to discern if these comply with their respective Code sections because of the redactions. Additionally, Petitioner has not met the requirements for the petition because there is no information regarding the Payee’s financial status, dependents, etc., nor is there any statement that Petitioner contacted him to gather that information. (See Insurance Code § 10139.5.) The separate proof of service filed by Petitioner also does not have an address for J.J. It just says that the Notice of Petition was mailed to Chatsworth 91311.

Accordingly, the Court denies the Petition for Transfer of Structured Settlement Payment Rights because it does not meet the Insurance Code requirements.

CONCLUSION

The Petitioner’s Petition for Approval for Transfer of Structured Settlement Payment Rights is denied.