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January 16, 2009

Bronx NY Judge Hunter Stops "Vulture" Snack on Structured Settlement Carcass

Vulture_snacking_md_clr by John Darer® CLU ChFC MSSC RSP CLTC

In the Matter of Medina New York Supreme Court Bronx County 260363/08 decided December 12, 2008 Justice Alexander W. Hunter, Jr. has denied a structured settlement factoring transaction because he could not "state with reasonable certainty whether or not the transaction is in the best interest of the payee". The best interest standard that must be applied when there is a proposed cash lump sum for structured settlement, requires the Bronx judge to take into account the welfare and support of her dependents.

Medina wanted to sell the rights to a $55,000 lump sum payment due June 5, 2012 to Structured Asset Funding, LLC, a Hallandale Florida based company that at the time of original publication of this post, used Ferraris and boats as a reason to sell your structured settlement for $31,500. The purpose of the proposed deal was to enable a move and to buy furniture.

In his decision denying the petition Judge Hunter stated that "Ms. Medina does not indicate whether or not she is employed or otherwise receives a monthly income in order to enable her to pay her monthly rent, utilities and other household expenses. Moreover, she does not indicate how long she intends to live off of the $31,500 she will be receiving from said transfer. She also recently received an annual payment of $16,900 on June 5, 2008 that could have been applied toward relocating to a place of her own".

A tip of the hat to New York attorney Gary E. Rosenberg for a nice write up on Matter of Medina  in Structured Settlements: Beware of The Vultures

Updated June 15, 2012

Related Reading

New York Judges Getting It Done with Structured Settlement Protection!  July 4, 2007

All Hail Judge Alexander "Bites Yer Legs" Hunter! May 25, 2007

 

Posted at 12:41 PM in Best Interest of Payee Standard, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Cash Now Pushers | The "Cash Now Fix", Judges on Structured Settlement Factoring, New York City Structured Settlements, New York Structured Settlements, NYC Structured Settlements, Staten Island Structured Settlements, Structured Asset Funding/123 Lump Sum, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Payment Rights, Structured Settlement Transfers, Structured Settlements New York |

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Settlement Loan

This blog post title is classic!

Posted by: Settlement Loan | January 16, 2009 at 10:29 PM

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