Case Number: ES018089    Hearing Date: September 05, 2014    Dept: B

ES018089
CATALINA STRUCTURED FUNDING, INC. v MAYA N. OKASISI
Petition for Approval for Transfer of Rights

This Petition was filed by Catalina Structured Funding Inc. in order to obtain approval of a transfer of Maya Okasisi’s rights to obtain payments under a structured settlement. Maya Okasisi received these rights under a settlement agreement that resolved a personal injury claim that arose from a fall down stairs. Ms. Okasisi receives payments through an annuity. Ms. Okasisi is now 23 years old.

This hearing concerns the request of Catalina Structured Funding, Inc. for approval of Ms. Okasisi transferring a right to future payments totaling $169,879.80. The net present value of the right to the future payments is $132,977.03. Ms. Okasisi will receive a payment of $30,000 in exchange for transferring her right to the future payments.

The Petitioner filed an acknowledgement of receipt on August 18, 2014 that demonstrates that Maya Okasisi received notice of this hearing and a copy of the Petition.

California regulates the transfers of structured settlement rights with Insurance Code sections 10134 to 10139.5. Under Insurance Code section 10139.5, a transfer of structured settlement payment rights is not effective unless the transfer has been approved in advance in a final court order. In order to approve the transfer, the Court must make the following findings:

1) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents.
2) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived that advice in writing.
3) The transferee has provided the payee with a disclosure form that complies with Insurance Code section 10136 and the transfer agreement complies with Insurance Code sections 10136 and 10138.
4) The transfer does not contravene any applicable statute or the order of any court or other government authority.
5) The payee reasonably understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Insurance Code section 10136.
6) The payee reasonably understands and does not wish to exercise the payee’s right to cancel the transfer agreement.

A review of the petition indicates the following:

1) Maya Okasisi believes it is in her best interest to enter into this transaction because she seeks to use the money to purchase a larger home for her family. Ms. Okasisi has five dependents: Kenya Okasisi, who is 6 years old, Mkayla Okasisi, who is 6 years old, Ariel Okasisi, who is 5 years old, Angel Okasisi, who is 5 years old, and Bryce Okasis, who is 1 year old (Okasisi decl., attached without a tab to the Petition; paragraphs 4 and 7 to 9);
2) Maya Okasisi has been advised in writing to seek independent professional advice (Okasisi decl., paragraph 12; see copy of notice signed by Ms. Okasisi in exhibit B to Petition);
3) Catalina Structured Funding, Inc. provided a disclosure form that complies with Insurance Code section 10136 (exhibit B to Petition) and a transfer agreement that complies with Insurance Code sections 10136 and 10138 (exhibit A to Petition);
4) the Petitioner demonstrates that the transfer will not contravene any applicable statute or known order of a Court or other government authority; and
5) Maya Okasisi understands the terms of the transfer agreement (Okasisi decl., paragraph 14).

This review of the Petition reveals that it includes the evidence necessary to make the findings required under Insurance Code section 10139.5. Since the evidence establishes that Maya Okasisi has been advised of her rights, that she understands the terms of the transfer agreement, and that she believes it is in her best interests, the Court grants the Petition and approves the transfer of Ms. Okasisi’s right to future payments to the Petitioner.