Judge: Maurice A. Leiter, Case: 23STCP02524, Date: 2023-09-14 Tentative Ruling

Case Number: 23STCP02524    Hearing Date: September 14, 2023    Dept: 54

Hearing Date: September 14, 2023

Department 54, Judge Maurice A. Leiter

Petition for Approval of Transfer of Structured Settlement Payment Rights

Moving Party: Petitioner J.G. Wentworth Originations, LLC

Responding Party: None

T/R:      THE PETITION IS GRANTED.

THE PETITIONER TO NOTICE.

If the parties wish to submit on the tentative, please email the courtroom at SMCdept54@lacourt.org with notice to opposing counsel (or self-represented party) before 8:00 am on the day of the hearing. 

The Court considers the moving papers.  No opposition has been received.

Petitioner complies with the venue requirement under Insurance Code § 10139.5, subdivision (c)(1), as Payee resides in the County of Los Angeles.  (Decl. Williams ¶ 1.)

Insurance Code § 10139.5 provides that a direct or indirect transfer of structured settlement payment rights is not effective unless the transfer has been approved in a final court order based on certain express written findings by the Court.  (Ins. Code, § 10139.5, subd. (a)(1)-(6).)  After review of the petition, the Court fineds:

·         That the transfer is in the best interest of the Payee as contemplated under Insurance Code section 10139.5, subd. (a)(1). (Decl. Williams ¶ 4.)

·         That under Section 10139.5, subd. (a)(2), Payee has been advised in writing by Petitioner to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived that advice in writing.  (Id. ¶ 12.)

·         That under Section 10139.5, subd. (a)(3), Petitioner has provided Payee with a disclosure form that complies with Section 10136 and the transfer agreement complies with Sections 10136 and 10138.  (Id. ¶ 13.)

·         That under Section 10139.5, subd. (a)(4), the transfer does not contravene any applicable statute or the order of any court or other government authority.  (Petition, generally.)

·         That under Section 10139.5, subd. (a)(5), Payee reasonably understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136. (Decl. Williams ¶¶ 5.) Payee is transferring monthly payments of $300.00 each, commencing 11/2/2023 through and including 3/2/2030; monthly payments of $200.00 with a 3% annual increase, commencing 4/2/2030 through and including 3/2/2052; monthly payments of $994.90 with a 3% annual increase, commencing 4/2/2052 through and including 3/2/2055 and monthly payments of $4,410.38 with a 3% annual increase, commencing 4/2/2055 through and including 3/2/2060 in exchange for $44,000.00. (Id.) The present value of the payment at the IRS discounted rate of 5% is $111,986.38. Petitioner will pay Payee the present value of the payment at a discounted rate of 10.09%, or $44,000.00.

·         That under Section 10139.5, subd. (a)(6), Payee understands and does not wish to exercise the payee's right to cancel the transfer agreement. (Id. ¶ 14.)

The Court finds that the transfer is fair, reasonable, and in the payee's best interest. The petition is GRANTED.