Judge: Layne H. Melzer, Case: 2022-01276654, Date: 2022-12-07 Tentative Ruling

Petitioner Open Capital, LLC

Motion - Other (Petition for Approval of Transfer of Stractured Settlement Payment Rights)

Petitioner Open Capital, LLC’s petition for approval of the transfer of structured settlement payment rights by payee Andrew Tran to Petitioner is granted.  Petitioner is to submit a formal order.

The court notes that New York Life Insurance & Annuity Corporation, the payment obligor under the annuity, and New York Life Insurance Company, the issuer of the annuity, were given notice of the petition and have not filed an objection. 

With that in mind, the court has reviewed and approves the petition to sell to the transferee future payments.  The court approves payee transferring the payee’s rights to structured settlement payments totaling $188,500.00 in exchange for a purchase price of $94,000.00.

The court finds that (Insurance Code § 10139.5(a)):

(1)   The transfer is in the best interest of the payee taking into account the welfare and support of the payee’s dependents.

(2)   The payee 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.

(3)   The transferee has complied with the notification requirements of Insurance Code § 10136 and the transfer agreement complies with Insurance Code §§ 10136 and 10138.

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

(5)    The payee understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Insurance Code § 10136.