American courts have for long recognized a duty of care incumbent upon manufacturers of non-hazardous products to warn against risks probable when mixed with a dangerous product by a third party. The principle gained legal recognition more than two decades ago when courts imposed liability in the context of fusion of two different products. A manufacturer duty to warn arises whenever the intended and foreseeable use of their products in confluence with a third-party item which due to configuration, mechanics or financial constraint, is necessary for proper functioning. Victims can institute a tort lawsuit for compensation against the manufacturer who failed to warn of the inherent danger arising from the combination of two products. Compensation awarded varies on a case by case basis.
Susan Goodwin’s husband died after got diagnosed with mesothelioma attributed to asbestos-loaded fixtures used in piping where he worked as a plumber. The manufacturer of the valves that combined with the asbestos components settled with her out of court agreeing to pay compensation for wrongful death. She was entitled to a future income stream with regular monthly installments and not a one-off lump sum like a lottery winner. Later she was stuck with the inflexible structured settlement and decided to sell a portion of the kitty at a profit. Selling a structured settlement required her to follow the legal procedure.
Sell Structured Settlement
Susan sold her structured settlement in five fast, easy steps outlined below:
Susan contacted a structured settlement factoring company which worked out a sales agreement, price offer and deduced an upfront cash payment that impressed her. The company discussed at great length the nature of her structured settlement. They also asked her about the plans she had with the proceeds of the sale. Failure to assess an application leads to wastage of legal resources as incompetent petitions get struck out by judges on the spot. A seasoned structured settlement purchasing company will ensure you have a plausible court request and compile all underlying documents.
The buyer of her annuities and monthly payments conveyed relevant documents, including a disclosure statement and transfer agreement. She reviewed the documents and endorsed them for filing in court.
A statutory waiting period ensued within which she could cancel the deal without incurring any charges. The time also carved out the window opportunity to cross-check the documents and consult with a professional.
Susan appeared in court during the hearing of her petition and answered several questions to vindicate the validity of her transaction. However, companies that buy structured settlements handle the paperwork and file relevant documents in court.
Once the court approved her transaction, the company sent her money by check within a few days.
Why did the court grill her on the use of the money?
Structured settlements have been hailed as a “genius” of the American jurists as a legal tool that provides tort claimants a steady flow of income. Courts have to stand in the way to ensure tort plaintiffs do not retrieve the structured settlement payments and fall back to public assistance. By demonstrating economic hardship or fruitful overture for the proceeds of the sale, Susan received court sanction.
How Long Did it Take for Susan to get her Lump Sum Payment?
Each case depends on its unique facts, but the duration of a typical factoring transaction takes two or three months. Susan got her money quick as the court process proceeded smoothly without objections. Since she needed $1,000 to clear off some bills, the structured settlement company agreed to give her a cash advance. A Cash advance differs from consumer loans as it will be deducted from the purchase price and has no interest.
Top Picks of the Factoring Industry-Unrivalled Structured Settlement Companies
Olive Branch Funding deploys a well-versed representative to guide you through the court process, fashions personalized financial options and give payees a whacking lump sum offer. The company employs the lowest discount rates, annual interest, and processing expenses.
Woodbridge Structured Funding will give you a lump sum for any proportion of your future income stream, speed up your petition before the judge and safeguard your interests throughout the process. As a renowned buyer of structured settlement cash flows, annuities and lottery winnings, they have a broad range of financial options for payees under the wings.
Stone Street Capital allows you to get a lump sum monetary award in fast, easy steps for annuities, structured settlements, lottery payments, pension schemes and lawsuit advances.