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June 02, 2017

Structured Settlement Cash Now Company Blanked in Sarasota by Uncle Sam

by Structured Settlement Watchdog

The United States Department of Justice has proven to be a superior bulwark to structured settlement factoring 

The DOJ keeps racking up wins as it has for more than a decade. So when a structured settlement factoring company solicits a customer for assured annuity sale and the annuity is owned by the United States, as most structured settlements concluded under the Federal Tort Claims Act (FTCA) are, you have to wonder why the structured settlement cash now company wasted the client's time. The reason for denial is the same reasons that Uncle Sam has been rolling up the score, securing wins in Texas, Kentucky and in the 5th and 6th Federal Circuits.

"Bonner Vox"

The latest attempt by a Delaware company called Standard Management Services, Inc.  was swiftly denied by Sarasota Florida Circuit Judge Kimberly C. Bonner. [See  In Re: Standard Management Services, inc.,a Delaware Corporation, Petitioner v Peter MacLay and New York Life Insurance Company Respondents   12th Circuit FL Case No.:58-2017 CA 000050 SC}

Judge Bonner concluded (1) that the subject annuity prohibited assignment and (2) that the Sarasota Circuit lacked jurisdiction to grant the petition to transfer structured settlement payment rights. Download MacLay Order

An added wrinkle set forth in New York Life's response that led to the denial was that the United States Bankruptcy Court for the Middle District of Florida, Fort Myers Division issued an order May 22, 2000 stating " there shall be no further assignments or transfers unless approved by the United States of America". 

Mr. Maclay attempted to transfer his payments to Genex Capital Corporation in 2008 and was rebuked.  Maclay then sued the United States in the Federal Court of Claims seeking to get an order compelling the transfer and when faced with a substantially similar 2009 case (Annuity Transfers v USA 86 Fed Cl. 173) which was not favorable, Maclay voluntarily dismissed the suit against the US.  June 3, 2016, the United States Bankruptcy Court Middle District of Florida at Tampa denied Maclay's motion to compel the United States to accept an assignment and sale of structured settlement payments [Case 8:14-bk-8902-CED].

 

Posted at 06:55 PM in Bridgeport Structured Settlements, Buffalo New York Structured Settlements, Can U Sell DOJ Structured Settlement, Can U Sell FTCA Structured Settlement, Chicago Illinois Structured Settlements, CT Structured Settlements, Dallas Fort Worth TX Structured Settlements, New York Structured Settlements, Norwalk Structured Settlements, NYC Structured Settlements, Sarasota Structured Settlements, Structured Settlement Factoring, Structured Settlement Factoring News, Structured Settlement Transfers, Structured Settlement Watchdog®, Structured Settlements in Florida, Tampa Structured Settlements, United States Owned Structured Annuity, US Department of Justice, Washington Structured Settlements |

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