Lawyers have always grappled with claims based on negligently designed drugs by manufacturers. Unlike products like cars, circular saws, and other items, lawyers have no similar design to show that may have forestalled the personal injury. A manufacturer of prescription can only alter the original design and introduce to the market after getting FDA approval. A claim that a manufacturer failed to abide by the standard of care in designing a prescription also points the finger at the FDA’s decision to approve the drug. Section 402A, the Restatement (Second) of Torts, stipulates exceptions to strict liability on products such as prescriptions drugs. Prescription drugs remain intractable as they cannot yield efficacious on all patients. Some will encounter side effects while others will not.
At barely two months old, Victoria Adams experienced cardiac defects and the pediatrician prescribed a prescription with potential side effects on infants. Her heart condition exacerbated afterward but recovered after a delicate surgery. Her parents sued the manufacturer for negligent design. Her parents arranged a structured settlement under which she would enjoy a future income stream cashable once she turned 18 years. Her ship came in, but five years down the road, she discovered she had vested rights like lottery winners who get their boon bit by bit to trade in and get lump sum payment. Adams found herself on the sharp end of money woes, and she had to do something.
Sell Structured Settlement
Victoria got stuck between a rock and a hard place before deciding to dispose of a portion of her structured settlement. She had long recovered from the heart ordeal that had turned out to give her financial boost during hard times. Luckily, she resided in Illinois where structured settlement approvals can take even less than a month. She explored the offers by numerous structured settlement purchasing companies and narrowed down to one that had a proven track record and verifiable transactions with customer reviews. The process is a breeze from here as the structured settlement funding company undertakes the laborious part of the filing and compiling of paperwork.
6 Steps to Receiving Her Lump Sum-As Easy As Shooting Fish in A Barrel
- After receiving her documentation, reviewing and penciling in a handful details and embossing her signature, she had all her paperwork ready. She also got her identification documents, personal data, and annuity contract ready for filing. She returned the documents to the structured settlement buying company.
- Victoria had a waiting period before appearing in court within which she could cancel or rescind the agreement altogether. The court date dawned faster than she expected and had to appear.
- Court dates require adherence as delays make it harder to get your petition disposed of expeditiously. Victoria turned up in person for examination by the judge. Sellers need to familiarize themselves with the questions posed by the judges to avoid ambush and confusion while on the stand.
- With all details on her finger tips, Victoria provided the judge with clear responses and canvassed her financial troubles. She also told the judge she got the structured settlement payments as an infant but had long recovered and would not need any public assistance even if the funds got dissipated.
- The court issued a qualifying order in line with the IRC 5891 meaning the transaction met the “best interests” inquiry threshold. Structured settlement funding companies then forward the order to the annuity issuer; upon endorsement your payment will be released sooner than later.
- At this phase, your payment should be in your account or embodied in a check, check with your structured settlement a couple of days after the court approval.
Could She Re-Sell The Remaining Structured Settlement Payments?
Yes, you can re-sell your structured settlement payment rights as many times as you want subject to court approval. With courts adopting a more stringent approach in factoring, it would be prudent to trade in a bulk of your structured settlement as multiple approvals have the likelihood of denial. Victoria sold payment rights to the tune of $1.2M to avoid future transactional costs and risk of obtaining another court approval.
Was Victoria Shielded by Illinois Structured Settlement Regimes?
Of course, she received a disclosure statement that contained an itemized list of fees and expenses, the total value of the income stream transferable, the quotient, the discount rate and commissions. The judge also reviews the terms and lump sum payable after all deductions to determine the fairness and reasonableness of the scaling.
Top-Rated Structured Settlement Financing Companies
Peachtree Financial Solutions deploys a legal representative to sellers of structured settlements to review the underlying annuity contract, compiles all paperwork for filing in court, and ensures all parties attend hearing before the judge for painless approvals.
Woodbridge Structured Funding crafts a transfer agreement after conveying free quotes and a price offer banding together with your cash flows in a whacking price offer. As a well-known buyer of structured settlements, annuities and lottery winnings, the company ensures you get a sizable bite of the pie with a staggering lump sum.
Stone Street Capital has a proven and verifiable footprint in the factoring industry by shaping the legislations governing the sale of structured settlements all over the US. They have reasonable and fair discount rates, consumer-friendly pricing structures and full customer support.