Block 9.4 Article 2.3 Transfers of Structured Settlement Payment Rights
10136(c)(3) How Much of My Money is the Transfer Company Really Transferring?
10136 (c)(3) let’s you know where to find the total amount of structured settlement payment rights that are being transferred, and we explain. We state 10136 (c) as per usual (immediately below), but let’s exam (3), which is the third subdivision out of thirteen (13) under 10136(c).
10136(c) The transfer agreement shall be written in at least 12-point type and shall be complete and without blank spaces to be completed after the payee’s signature. The transfer agreement shall set forth clear and conspicuously, and in no less than 12-point type, all of the following:
(3) The aggregate amount of the structured settlement payments to be transferred. This amount shall be disclosed in the form prescribed in subdivision (b).
Let’s dissect (3).
In the last sentence of (3), the form it is talking about in 10136(b) is that mandatory boiler-plate disclosure form the payee is supposed to get AT LEAST ten (10) or more days before any transfer agreement is signed. (You have presumably reached out to an independent professional adviser with expertise in this field at this point.)
(3) is stating that you will find a figure that reflects the sum total of all of the structured settlement payments that are to be transferred to you, before any fees, or expenses are deducted. Aggregate means “a whole formed by combining several elements”.
This is important because some cases sell some of their structured settlement, and some have sold part of their structured settlement in the past, they’re selling a little bit more now, and they still have some for the future.
This little figure, the “aggregate amount of the structured settlement payments to be transferred” is really an important figure, so there are no mistakes.
How do you know their calculations are right? Consult with an independent professional adviser who is a lawyer, or an accountant or both experienced in tax and financial matters about any calculations in the form that you need to verify.
Originally posted 2014-12-25 22:47:19. Republished by Blog Post Promoter