Cancel if You Need To
Category : IPA
By AFG Newswire Nov.13, 2014 4:27 p.m. Block 12.3 Article 2.3 Transfers of Structured Settlement Payment Rights
10136(e) You Can Break a Provision, and Cancel if You Need To….
There is a provision in 10139.5(a)(6) that states, “The payee understands and does not wish to exercise the payee’s right to cancel the transfer agreement.” But if you do wish to cancel the agreement, and if you have sent a letter to the transfer company stating so, section 10136(e) is telling the payee, yes, the courts will recognize the payee’s wish to cancel, despite the fact that the code says you won’t.
A little confusing, but, in short, you have the ultimate say so.
If for some reason, you have not sent a letter to the transfer company, and you are standing there at the eleventh hour, and you have decided last minute, in the court house to cancel, right when the court was going to begin proceedings of approval, chances are, you can, if done in writing right there, addressed to the transfer company.
At this point, it would be a case-by-case basis. No judge wants to see anyone forced into selling their structured settlement payment rights. If you even question whether you might be a candidate for a situation like this, best to contact an independent professional adviser now, and address your fears before the eleventh hour.
This is the very last subsection of section 10136, subsection (e), and it states:
” At any time before the date on which a court enters a final order approving the transfer agreement pursuant to Section 10139.5, the payee may cancel the transfer agreement, without cost or further obligation, by providing written notice of cancellation to the transferee.”
This is why state legislatures and Congress have strongly recommended and advised consumers to seek independent professional advice regarding the legal, tax, and financial implications: to avoid any confusion or fears the consumer may have regarding issues during the transfer of their structured settlement payment rights.
Independent Professional Advisers are here to help, not hinder.