Judge: Maurice A. Leiter, Case: 23STCP03273, Date: 2023-12-15 Tentative Ruling

Case Number: 23STCP03273    Hearing Date: December 15, 2023    Dept: 54

Hearing Date: December 15, 2023

Department 54, Judge Maurice A. Leiter

Petition for Approval of Transfer of Structured Settlement Payment Rights

Moving Party: Petitioner Peachtree Settlement Funding, 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. Duderstadt ¶ 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).)  The Court makes the following findings:

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

·       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.  (Exh. E.)

·       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.  (Exh. B.)

·       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.)

·       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. Payee is transferring 360 monthly payments of $350.00 each, beginning on 12/01/2023 through and including 11/012053, B) 1 lump sum payment of $25,000.00 due on 9/21/2032, and (C) 1 lump sum payment of $25,000.00 on 09/212052. in exchange for $51,000.00. (Id.) The present value of the payment at the IRS discounted rate of 5% is $87,358.79. Petitioner will pay Payee the present value of the payment at a discounted rate of 10.34%, or $51,000.00.

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

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