In the broad realm of torts hinged on negligence, the rule of res ipsa loquitur which only means “the thing speaks for itself” gives plaintiff latitude to link the occurrence and draw the conclusion that the defendant’s conduct was doubtlessly negligent. However, it does not automatically establish a causal connection to the wrongdoer but clearly demonstrates a duty of care and breach. To invoke the rule in your favor, you need not adduce evidence of the defendant’s conduct during the accident. You must also show that the type of harm sustained does not frequently arise lest someone acts negligently. The causal act or thing which causes the harm must be demonstrated to have been under the defendant’s exclusive control continuously. With the rule, plaintiffs pursuing a personal injury claim can quickly obtain compensation money.
Caroline Parkinson got injured while undergoing cardiac surgery due to an omission attributable to the anesthesiologist, surgeon or nurse. When Parkinson’s case got to the jury, the defendants agreed to a settlement. Her attorney worked what he thought would sustain her with a structured settlement arrangement. Afterward, Parkinson felt ensnared by the liquidity of the future income stream as mapped out and needed to convert her payment rights to a cashable lump sum payment. Like lottery cash, she could trade in the annuity in return for a lump sum award.
Sell Structured Settlement
Chopping Off A Portion or Selling the Entire Annuity?
Parkinson had monthly payments of $3,000 from 2015 to 2016 which she wanted to trade in. The contract still had other monthly payments that increased annually at 10% which she decided to continue cashing in. Subsequently, she saw a commercial ad for Peachtree Financial Solutions pitching lump sum payment in exchange for future cash flows and dialed the number provided to discover more. She sent an application form for sale online, and Peachtree replied with a written offer to acquire a portion of her payment rights. She also received a disclosure statement highlighting the discounted present value, discount and annual interest rates, itemized collection of expenses, and lump sum.
Mississippi Structured Settlement Protection Act (MSSPA)
The MSSPA required Parkinson’s transfer of her structured settlement payment rights to undergo court review. The buyers of structured settlement payments typically undertake the court filing process and seek the consent of the interested parties. A petition was filed in the county court of his county and got court approval at first instant. The disclosure and transfer agreement demonstrated the total value of payment rights assigned, gross amount cashable, net lump sum amount, the present value of the income stream transferred, quotient and effective interest rate.
What The Effective Interest Rate in the Transaction?
Like a secured loan, selling structured settlement payments gave her a lump sum of her total rights to a future income stream. Rather than repaying a loan with her cash in the structured settlement transfer deal, Parkinson gave up her payment rights to the cash flows which would accrue in future. The effective interest rate passed muster in the best interests of the seller, and thus, the court approved the petition. Her effective interest rate capped at 11% meant she borrowed at rates lower than a credit card.
Can You Sell Life-Contingent or Non-Guaranteed Annuities?
Yes, Parkinson life contingent annuity has a market in the factoring industry. Structured settlement funding companies usually underwrite an insurance policy for the seller. They also factor in the pre-determined time when the structured settlements mature, her age and amount of the payments transferred to work out a lump sum value. Selling her payments bestow the added benefit as the recipient can bargain and rake in those funds that family members miss out once they die. Life-contingent depends on the life of the seller, if they die, the factoring company cannot receive those payments.
Best Structured Settlement Purchasing Companies
JG Wentworth boasts the longest factoring experience in the industry with a rich vein of financial products to pay lump sum awards on the nail. The company will compile paperwork for filing in the county court of residence and dispatch a representative to rush through the application in court.
Peachtree Financial Solutions ensures they have appraised your transaction thoroughly to determine the chances of success before the judge, levies transparent and discounted fees, and responds with a price offer that gives you a substantial portion of payment rights.
Olive Branch Funding has been a buyer of annuities for more than two decades, boasts a well-rounded customer support, novation experts and seamless technology to speed up the procession of transactions.