Slip and fall accidents have increased with the prevalence of gloss tiles, floors or other surfaces that make it dangerous for unwary persons. Where the premises owner knows the dangerous condition exists, fails to warn and remedy the defect, and the landowner caused the slippery conditions, they may be held liable. A slip and fall lawsuit for personal injury may fail where the tort claimant fails to take reasonable precautions to prevent slipping or falling. For instance, holding onto the the guardrail will stop you from falling along icy stairs. Some wet floors have caused severe injuries on victims prompting juries and judges to award a higher amount of compensation money.

Raphael Chuck tripped over a benzene solution that had leaked and bathed the floor of a department store causing him to fall on his back where a sharp-edged pierced through his body leaving him maimed. The departmental sought to settle rather than plunge into litigation. Chuck got a structured settlement bequeathing a future income stream payable on a periodical basis. Unlike lottery winnings where you walk away with a lump sum, Chuck’s money would devolve in sporadic small amounts. After cashing in several payments, Chuck decided to get a fusion of all payments into a lump sum payment from a factoring company. Congress enacted the Internal Revenue Code rider in 2002 imposing an excise tax penalty of 40% on sales of structured settlement payments without a prior court sanction on the best interests of the payee and dependents.

Sell Structured Settlement

The Legal Process

    Chuck contacted a structured settlement purchasing company for a price estimate of the six annuities he wanted to sell. He had spotted the company in a television ad where Fairfield Funding was pitching to buy out structured settlement annuities and payments for a whacking lump sum.

    Three days before signing the contract to transfer his payments, the factoring company delivered a series of disclosure statements as required by the Structured Settlement Protection Act in his state. Subsequently, he received the transfer agreement and other document capturing the contract in writing.

    Once he signed and returned the transfer agreement, and court filing forms, the structured settlement funding company filed a petition in the county court of his residence for approval of the factoring transaction. Chuck received a notice of the court hearing’s date and venue.

    In his hearing, the annuity issuer’s employees, factoring company agents, and attorneys deliberated with the judge. The sale passed muster of the “best interests” as the lump sum award offered constituted a substantial percentage of the present value of all annuities.


Is Independent Professional Advice Necessary?

State laws required that Chuck obtains independent professional advice regarding the transaction. Although structured settlement purchasing companies admonish payees to seek a professional valuation of the deal, you can waive if it’s not necessary. Professional counsel would be inevitable where the structured settlement payments offered for sale divest of the payee a source of medical expenses, lifeblood for dependents or lost income. Chuck works as an engineer and has a steady income; he only needed to boost his cash on hand. He understood the tax-friendly benefits he gave up in return for a taxable lump sum cash payment; he waived professional advice in writing. The judge agreed he did not need it either.

The Court Approved the Transaction, Did Chuck Get His Lump Sum Right Away?

After the court’s final order, Fairfield Funding wired Chuck’s money after one week. The delay resulted from the belated acknowledgment of the transfer agreement by the insurance company. If the insurer or annuity issuer endorses the documents immediately, payees receive the agreed lump sum momentarily.

These Structured Settlement Factoring Companies Are In Their League

Fairfield Funding will handle your factoring transaction fairly and safeguard your interests even if you don’t bring an independent representative on the board. The company conveys disclosure statements, transfer agreement and serves interested parties on time for a quick court hearing.

Woodbridge Structured Funding allows you to retrieve a free quote online and gives a lump sum price offer within a couple of days. As a licensed buyer of annuities with a flawless record in the industry, they ensure your deal gets signed off by the judge.

Stone Street Capital boasts a large team of attorneys, actuaries, and economists to ensure you sell at fair, reasonable and impressive discount rates, review your transaction to ensure it meets the “best interests” standard and hurries up cash flows after court approval.…

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