Case Number: KS018148    Hearing Date: August 19, 2014    Dept: J

Re: In Re Brandon Rodriguez (KS018148)

PETITION FOR APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

Petitioner: J.G. Wentworth Originations, LLC

Respondent: No opposition filed

Notice: OK

Petitioner J.G. Wentworth Originations, LLC petitions this court pursuant to Cal. Ins Code §§ 10134 et seq. for approval of the transfer of the certain structured settlement payment rights of Brandon Rodriguez (“Transferor” or “Mr. Rodriguez”). (Petition, Exhibit A, Purchase Contract.)

Mr. Rodriguez is transferring 1 payment of $2,500.00 on May 1, 2015, 1 payment of $2,500.00 on May 1, 2016, 1 payment of $2,500.00 on May 1, 2017 and 1 payment of $9,985.95 on May 1, 2021. (Petition ¶ 2.) If approved, Mr. Rodriguez will receive $7,400.00 from this transaction. The future payments have a discounted present value equal to $15,790.39 which is calculated by applying the discount rate of 2.20% utilized by the Internal Revenue Service to value annuities in probate proceedings. The purchase price to be paid was calculated using a discount rate of 23.61%. (Id. at Exhibit B, California Disclosure Statement.)

Mr. Rodriguez is 18 years old, single and has no minor children. (Petition, Page 4, Line 15.) Mr. Rodriguez is employed earning $1,300.00 per month as a part-time barista at Starbucks. (Rodriguez Decl. ¶ 8.) Mr. Rodriguez has not completed a previous transaction involving his structured settlement payments. (Id. ¶ 9.) Mr. Rodriguez is currently experiencing a financial hardship. (Id. ¶ 11.) If approved he will use the money to help cover miscellaneous educational expenses not covered by financial aid including textbooks and lab fees. (Ibid.)

The petition substantially complies with the requirements under Cal Ins. Code §§ 10134 et seq.:

• Mr. Rodriguez was presented with a separate disclosure statement. (Petition, Exhibit B.)
• The petition is filed with a court in the county where Mr. Rodriguez resides, County of Los Angeles. (Rodriguez Decl. ¶ 1.)
• The petition is served all on interested parties. (Proof of Service filed on July 10, 2014.)
• The petition contains the following documents pursuant to Cal Ins. Code §10139.5(c)(2)
• A copy of the transferee’s current petition. (Petition.)
• A copy of the transfer agreement. (Petition, Exhibit A.)
• A listing of each of the payee’s dependents, together with each dependent’s age. (Rodriguez Decl. ¶ 8 – no minor children.)
• A copy of the disclosure required in subdivision (b) of Section 10136. (Petition, Exhibit B.)
• A copy of the annuity contract. (Petition, Exhibit C.)
• A copy of the underlying structured settlement agreement. (Petition, Exhibit D.)
• Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee’s application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing. (Notice of Petition.)
• Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which may not be less than 15 days after service of the transferee’s notice, in order to be considered by the court. (Notice of Petition.)
• Explanation of Expenses Deducted from the Purchase Price. (According to the Disclosure Notice, there are no expenses to be deducted from the purchase price.)

Thus, the petition is granted.