2018-00227211-CU-PT

In Re: J. Bailey

Nature of Proceeding: Petition for Approval for Transfer of Structured Settlement Payment

Filed By: Ahtirski, Eugene A.

The Petition for Approval of Transfer of Structured Settlement Rights By and Between Petitioner Stratcap Investments, Inc. and Jeffrey Bailey pursuant to California Insurance Code section 10134, et seq. is unopposed but is DENIED without prejudice.

The Payee desires to transfer future payments totaling $35,837.00, with a discounted present value of $30,703.86, in exchange for a single payment of $17,150.00. He would be paying the equivalent of an interest rate of 12.4% per year.

The Payee has failed to provide any Declaration in support, reflecting his age, marital status, employment status, other sources of income, whether the settlement was intended to cover his future medical expenses, whether he has had any previous transfers approved, denied or disapproved or any reasons for the transfer of the future payments of the structured settlement.

In the absence of this evidence, the Court cannot find on the facts presented to it that the proposed transfer is:

(1) Is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents. Insurance Code Section 10139.5.

(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, in writing, the opportunity to receive the advice.

(3) The transferee has complied with the notification requirements pursuant to paragraph (2) of subdivision (f), the transferee has provided the payee with a disclosure form that complies with Section 10136, and the transfer agreement complies with 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 understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136.

(6) The payee understands and does not wish to exercise the payee’s right to cancel the transfer agreement.

The Petition for Approval of Transfer of Structured Settlement Rights is denied.