Judge: Teresa A. Beaudet, Case: 23STCP02442, Date: 2024-06-11 Tentative Ruling

Case Number: 23STCP02442    Hearing Date: June 11, 2024    Dept: 50

 

 

Superior Court of California

County of Los Angeles

Department 50

 

1737 RECOVERY ASSOCIATES, LLC,

                        Petitioner

 

Case No.:

23STCP02442

Hearing Date:

June 11, 2024

Hearing Time:

10:00 a.m.

[TENTATIVE] ORDER RE: 

 

PETITIONER’S PETITION FOR APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

 

           

            Background

On July 12, 2023, Petitioner 1737 Recovery Associates, LLC (“Petitioner”) filed the Petition for Approval of Transfer of Structured Settlement Payment Rights (“Petition”).

On March 26, 2024, the Court and Petitioner’s counsel conferred regarding a new date for the Petition. The Court advanced the hearing date from November 7, 2024, and continued it to June 11, 2024.

Legal Standard

            Insurance Code, § 10139.5 (a) states that “[f]actors that the trial court shall consider in determining whether the transfer is fair and reasonable and in the best interest of the payee include 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; the stated purpose of the transfer; the payee's financial and economic situation; and the terms of the transaction, including whether the payee is transferring monthly or lump sum payments or all or a portion of his or her future payments.  Ins. Code, § 10139.5 (b). 

            Pursuant to Insurance Code, section 10139.5(f)(2), at least 20 days prior to the hearing on this Petition, Petitioner shall file with the Court and serve on all interested parties a notice of the proposed transfer and the petition for its authorization. Included with that notice will be following:

            A. A copy of this Petition;

            B. A copy of the Transfer Agreement and disclosure form required by therein;

            C. A listing of each of the Payee’s dependents, together with each dependent’s age;

            D. A copy of the Disclosure Statement; E. A copy of the annuity contract, if available;

            F. A copy of the qualified assignment agreement if available;

            G. A copy of the underlying structured settlement agreement, if available;

            H. If applicable due to unavailability of the underlying structured settlement documents described in subparagraphs 24 (E)-(G) above, a statement of the reasonable efforts to locate the same and a description of the payments due and owing to the Payee.

            I.  Proof of service showing compliance with the notification requirements of Insurance code, section 10139.5(f)(2);

            J. Notification that any interested party is entitled to support, oppose, or otherwise respond to the Petition, either in person or by counsel, by submitting written comments to the court or by participating in the hearing;

            K. Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the Petition must be filed, which may not be less than 15 days after service of the notice, in order to be considered by the court; and

            L. If the Payee entered into the structured settlement agreement at issue within 5 years prior to the date of the Transfer Agreement, then the Petitioner shall provide notice to the Payee’s attorney of record at the time the structured settlement was created, if the attorney is licensed to practice in California, at the attorney’s address on file with the State Bar of California, in the form prescribed by Insurance Code, section 10139.5(f)(L).

            Discussion

A.    Merits

The Court notes that Petitioner failed to comply with Insurance Code, section 10139.5, because Petitioner failed to include any supporting declaration(s)  and documentation such as the Transfer Agreement, Disclosure Statement, Proof of Service, and any other supporting evidence. There also is no proof of service.

Conclusion

The Court continues the hearing to _______________ to allow Petitioner to file the requisite declaration(s) and documentation and to file a proof of service. Petitioner is ordered to file the requested documents within 20 days of this Order.

 

Petitioner is ordered to provide notice of this Order.

 

DATED:  June 11, 2024                                

________________________________

Hon. Teresa A. Beaudet

Judge, Los Angeles Superior Court