Negligence not only seeks to punish actions that lead to personal injury but also bites on omissions. In tort law, failure to act attracts legal consequences where it behooves or is incumbent upon the defendant to act. Though the legal concepts are nebulous to some degree, negligent omissions constitute an actionable tort vested in the victim of the injury to recover money or compensation. Nevertheless, negligent omissions pose a hard nut to crack, even to seasoned tort attorneys as the standard of proof tends to be more stringent than positive conduct. Structured settlements have shaped the US legal landscape by ensuring a full-proof future income stream to tort victims of personal injury or wrongful death.
Tom Woods became the recipient of structured settlement payments following medical malpractice suit where the surgeon failed to diagnose Parkinson’s disease leading to aggravated sickness. The structured settlement awarded him monthly payments and several annuities payable in future. Three years after subsequent treatment, Woods was fit again but could not go back to work as a stevedore. The structured settlement payments remained the jewel in the crown. Lack of liquidity characterizes tort compensation paid via a structured settlement. Woods knew he could not dispose of the structured settlement kitty like lottery winnings. In fact, Maryland, his state of residence has one of the most stringent regulatory mechanisms.
Sell Structured Settlement
Maryland’s Structured Settlement Payments and Annuities Factoring Laws
Courts in Maryland Have A Different Approach
Maryland law regulating the transfer of structured settlement payment rights requires such transactions to undergo court review. The law prohibits the sale of structured settlement payment rights where it is against public policy. The court must find it is necessary, exigent and appropriate and in his best interests taking into considerations his dependents. Woods was allowed to sell the portion of his structured settlement income streams he had hived off from the original package. The law also required the buyer to file the application in a court located in Woods’ county of residence.
What if the Superior Court Justice Denied His Approval?
If a county court denies you the right to transfer your future payments, you can appeal to a superior court for review. However, structured settlement companies play a crucial role in assessing the chances before your application reaches court. Woods made relevant disclosures to enable the structured settlement purchasing company to make an objective appraisal to determine the likelihood of success. Top-level structured settlement funding companies will think twice before filing any frivolous or poorly assessed deals as they anger judges and poison their perception on the structured settlement secondary market.
Structured Settlement Company Must Make Various Disclosures
The structured settlement funding company delivered important disclosures regarding the transaction as required by the law. Before signing the agreement, Woods had to review the annual interest rate, discount rate, the gross lump-sum amount payable, itemized listing of all expenses and the net scaled present value of all future payment rights transferred. The documents were also reviewed by the court to assess the discount rate for fairness and reasonability.
Is Independent Professional Advice Mandatory in Maryland?
Until recently, denizens of Maryland could waive their right to independent professional advice, but a judicial direction to county courts from the court of appeal now requires payees to be admonished for counsel. In court, the judge reviewed the certification filed to prove Woods received professional advice. Woods was well-positioned on what he was getting into by an independent expert.
Did The Company Keep Him On The Tenterhooks in Disbursing His Payments?
No, Woods lump sum was held by an escrow agent and released to his designated account upon the issuance of the final court order. Woods checked his bank account after a week, and his funds were pumped in already.
Top Three Structured Settlement Funding Companies That Stand Out
Fairfield Funding leads the pack in Maryland with personalized structured settlement factoring deals, court-and-judge friendly practices as well as competitive discount rates to ensure you get the highest lump sum award.
Woodbridge Structured Funding can offload all the laborious paperwork to act as your representative across the board, helps you retrieve a free quote fast and tailors a unique transfer agreement adhering to statutory provisos.
Stone Street Capital has a broad range of financial solutions to buy out your annuities, structured settlement payments and lottery winnings for a top-dollar price. Choose them as your buyer to scale back the costs of your transaction, spread your wings and attain economic objectives today.