Manufacturers of consumable products have a stringent duty of care to ensure their products do not have harmful effects or dangerous ingredients. Product liability attributable to manufacturers occurs where they fail to warn users of the risk associated with the consumption of the end-product. Manufacturers have a duty to take all measures to convey the proper methods of use. Sometimes users can be barred in a tort claim if they proceeded to use the product with sufficient knowledge on negative impacts. The most common ingredients in a vast majority of litigation include asbestos, lead, and manganese causes terrible results and diseases. Like personal injury lawsuit or lottery winnings, beneficiaries entitled to substantial sums of money as compensation receive their money via a structured settlement scheme. A structured settlement refers to an arrangement between the defendant’s insurer and an annuity issuer to settle the case by guaranteeing periodic payments instead of a one-time lump-sum compensatory award.
In 2013, Richard McLemore bought a welding consumable product that lacked a warning on the presence of Manganese leading to a successful product liability suit against the manufacturer after developing a Parkinson’s-like syndrome. A structured settlement was mapped out entitling McLemore a future income stream with average monthly payments of $1000 and ten annuities totaling $300,000 with interest. One year after cashing out his structured settlement payments, he fell into a flat spin lacking money to meet household expenses and other basic needs. His daughter’s entry to college took a large chunk of his annuity. Jenna, his wife, decided to get selling structured settlements for a life-saving lump sum down to a fine art.
Sell Structured Settlement
Federal and State Laws Protecting the Sellers’ Rights
Jenna and McLemore stood safeguarded by model Structured Settlement Protection Act, and the IRC 40% Excise tax levied on buyers who do not seek court approval before finalizing the transaction. Structured settlement purchasing companies advise sellers to seek independent financial and legal advice to make an informed choice on the nature and ramifications of the transaction.
Jenna spotted a 30-day window within which she could cancel the agreement without incurring any liabilities or penalties. The law requires structured settlement funding companies to make material disclosures; the agreement had a gross display of payment details, including processing fees and expenses. Their transaction had to undergo court scrutiny. The judge inquired on the economic interests of Jenna and her husband finding extreme hardship. The court approved the sale within one month.
West Virginia’s Law on Selling Structured Settlements Differs from other States
Anyone in West Virginia seeking to sell structured settlement payments must comply with the requirements laid down in the state’s SSPA. The law there requires the seller of structured settlement payments to seek court approval where the transferred amount is above $40,000. There is also a nebulous provision that restricts the payee from transferring or assigning future payments; however, they got court approval.
What Do the Structured Settlement Purchasing Companies Require From West Virginians?
Unlike the legal formalities outlined in the SSPA, structured settlement buying companies have less stringency when you want payment in exchange for a lump sum. Most companies allow you to cash out like a dose of salts. No credit card scores, higher lump sum awards, seamless online application and quick approval. West Virginia has attracted several structured settlement buying companies who compete aggressively for low discount rates and high-quality services.
Jenna’s honed research skills enabled them to zero in a reliable company. When they received their lump sum earnings, the family got enough cash to discharge mortgage re-payments, schools fees, basic needs and injected more funds to Jenna’s flower store in Charleston.
Some of the Leading Lights in the Structured Settlement Payments Factoring Industry
Stone Street Capital is among the pioneers in the selling and buying of structured settlement income streams, and they can provide a fast offer with free quotes, act as your representative in local courts and handle all paperwork, including the agreement and release.
J.G Wentworth can speed up your court filing before the judge to get you immediate cash within the shortest time. With the industry’s longest experience, the company adheres by the industry highest standards and promotes fairness as a veteran National Structured Settlements Trade Association member.
Peachtree can buy your structured settlement for a premium price, expedites the court process and concludes your factoring transaction with lump sum cash out within 48 hours.