Judge: Lynne M. Hobbs, Case: 24STCP00951, Date: 2024-06-05 Tentative Ruling

Case Number: 24STCP00951    Hearing Date: June 5, 2024    Dept: 61

IN THE MATTER OF: CASCADE RECOVERY, LLC

TENTATIVE

Cascade Recovery, LLC’s Petition for Approval of Structured Settlement Payment Transfer from Kyle Bockus is GRANTED.

DISCUSSION  

Payee Kyle Bockus (Payee) submits a declaration in support of this petition to transfer payment rights to Petitioner Cascade Recovery, LLC (Petitioner). Payee is 20 years old, unmarried, with no children. (Bockus Decl. ¶¶ 2–4.) By the proposed transfer of rights to three payments amounting to $20,000, $35,000, and $75,000, due in July 2025, June 2028, and June 2033. (Bockus Decl. ¶ 8.) Payee is to receive a sum of $61,000 in exchange. (Bockus, ¶ 9.)

Payee states that the payments were not intended to pay for future medical care or necessary living expenses. (Bockus Decl. ¶ 6.)

Payee states he will use the funds received to acquire a reliable work vehicle, which he currently lacks. (Bockus Decl. ¶ 9.) Payee will also invest the funds into marketing and promoting himself as a scriptwriter. (Bockus Decl. ¶ 9.)

Payee has never previously assigned any portion of his structured settlement payments. (Bockus Decl. ¶ 10.)

Payee has received and signed a disclosure form in compliance with Insurance Code § 10136 and states that they have read and understood the transfer agreement and do not wish to cancel it. (Bockus Decl. ¶ 13; Amended Petition Exh. A.) The disclosure form states that the discounted present value of the payment rights is $94,874.05, and if Payee instead obtained a loan in the amount of the lump sum and paid back the loan with the installments to be transferred, the interest on the loan would be 13.3 % per year. (Amended Petition Exh. A.)

Based on the above, the transfer is fair and reasonable in light of Payee’s best interest. The Payee has been advised to seek independent counsel and has waived that right. (Bockus Decl. ¶ 14.) The required disclosure form has been provided, the transfer does not contravene any statute or court order, and the Payee understands the terms of the transfer. Payee does not wish to cancel the transfer. (Bockus Decl. ¶ 17.) According to the Payee’s testimony, the transfer is fair, reasonable, and in his best interest.

The petition is GRANTED.