Judge Lee W. Tsao, Case 23NWCP00067 2023-05-17 Tentative Ruling

Judge: Lee W. Tsao, Case: 23NWCP00067, Date: 2023-05-17 Tentative Ruling

Case Number: 23NWCP00067 Hearing Date: May 17, 2023 Dept: C

Expediting services v. metropolitian life insurance

CASE NO.: 23NWCP00067

HEARING: 5/17/23 @ 10:30 AM

TENTATIVE RULING

Petitioner Expediting Services, LLC’s petition for approval of transfer of structured settlement payment rights is GRANTED.

Moving Party to give NOTICE.

A transfer of structed settlement payment rights is void unless all of the following conditions are met: (a) The transfer of the structed 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 is approved by a court as provided in Section 10139.5. (Ins. Code § 10137.)

Insurance Code § 10139.5 sets forth 15 factors to consider when reviewing a petition for transfer of a structed settlement, including (1) the reasonable preference and desire of the payee to complete the proposed transaction, taking into account the payee’s age, mental capacity, legal knowledge, and apparent maturity level; (2) the stated purpose of the transfer; (3) the payee’s financial and economic situation; and (4) the terms of the transaction, including whether the payee is transferring monthly or lump sum payments of all or a portion of his or her future payments.

Alan Sandoval (Sandoval), the interested Party, in his supplement declaration states that he is 29 years old, owns a real estate business, has three minor children, and no court ordered child support. He intends to use the transfer payment to open a brokerage account with Lake Avenue Group at Morgan Stanley to create a potential for higher yield. Sandoval will retain the rights to his structured annuity payment of $11,000.00 commencing on April 6, 2055 for the remainder of his life. The payments were to compensate Sandoval for emotional distress and not needed to pay for future medical care. Thus, the Court finds that Petitioner has proven that the transfer of payments is fair and reasonable.

Accordingly, Petitioner Expediting Services, LLC petition for approval of transfer of structured settlement payment rights is GRANTED.