Transfer Company Can’t Make You Do

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Transfer Company Can’t Make You Do

By AFG Newswire Nov.22, 2014 12:31p.m. Block 13.3  Article 2.3 Transfers of Structured Settlement Payment Rights

California Residents:  What the Transfer Company Can’t Make You Do, Part 1

 

  • 10138(a) is the opening, enabling paragraph to 10138, and is 2 sentences long.

 

(10138 has it’s opening paragraph, lists twelve (12) prohibited provisions, then has a closing, waiver, paragraph that makes all parties unable to waive any of these prohibited provisions.)

 

  • 10138(a) alerts the reader that there are listed conditions that are not to be included in the transfer agreement, and that if any of these listed conditions are in the transfer agreement, the transfer agreement will be void and unenforceable. No good.

 

Not such an exciting clause, but it is setting the stage for what is about to come.  And what is about to come is a long and arduous list of oppressive wrong doings to consumers.  Each one of these prohibited provisions or listed conditions happened in the past; that’s why it’s law now.  Count your blessings it didn’t happen to you.

 

What’s scary is what oppressive activity might be out there right now.  Your only protection is an independent professional adviser.  They’re almost like a friend of the court.  Like a liaison between the courts, and the community.

 

  • 10138(a) states, “A transfer agreement, as defined in (o) of Section 10134, shall not include any provision described in the paragraphs below. Any inclusion of a prohibited provision, with respect to a seller who is a California resident, shall make the provision void and unenforceable.”

 

Keep a look out for further articles on “California Residents:  What the Transfer Company Can’t Make You Do” as we explore each prohibited provision one by one.