In the traditional common law, the theory of “negligent entrustment” liability goes for the car owner instead of the incompetent who causes personal injury to make good the loss or indemnify the plaintiff. Negligence suffices where a tort claimant demonstrates that the car owner knowingly entrusted the car to an inexperienced, incompetent or reckless driver. To show causation of harm lies with the motor vehicle owner, the plaintiff has to adduce evidence to prove the injury sustained proximately arose due to the disqualification, inexperience, recklessness or incompetence of the driver. In all states, the common law doctrine of “negligent entrustment” has been codified by statutes that impose statutory liability where an owner of car entrusts to another driver.
Vaughn Sloan sued a vehicle owner who negligently entrusted his son a car aware of the defective transmission, the owner lost the lawsuit and had to pay compensation to Sloan for severe injuries. The defendant’s insurer paid an upfront lump sum and purchased an annuity devising a stream of income under a structured settlement. A few years down the road, Sloan had long recovered from the tragic car crash and was a bundle of energy eking out a living as a boat repairer. With the annuities coming down the pike and his other sources of income, everything seemed in shape until his wife discovered she needed surgery to conceive. It came like a crushing blow, but Sloan took the bull by the horns and got ready for a lottery with anything tractable. Out of the blue, the annuities flashed his mind; he decided to have a fair crack at trading in structured settlement payments for lump sum cash.
Selling Was A One Way Street, Once He Identified A Reliable Buyer
Sloan had a hell of a time calling dozens of structured settlement funding companies seeking price bids. The first step can make a difference if a court approves a transaction as you need to shop around for fair and reasonable discount rates. Sloan took the time to question the companies on the net deductible expenses he would bear in the deal. He also documented several quotes and printed them out to show the judge different price quotes pitched by structured settlement annuity buyers he contacted. Woodbridge Structured Funding won his heart owing to their above-board transactions and responsive customer support.
Notice of Terms and Consideration in Disclosure Statement
Once he agreed to the price quote, Woodbridge’s agents buckled down to the task. Sloan first received a consumer disclosure statement that disclosed the lump sum award he would garner. It also showed the discounted present value and transfer expenses deductible from the purchase price. Furthermore, the gross advance amount cashable would cover his wife’s surgery and leave a surplus for other expenses. Sloan embossed his signature on the disclosure statement, affidavit, declaration and transfer agreement. The ball was now in Woodbridge’s court.
Court Intercession Mandatory for Consumer in the Factoring Deal
Procedurally, a court had to review Sloan’s transaction and approve it to avoid flouting federal and state laws which make the transfer a nullity and subject to a 40% excise tax. The judge reviewed the petition in its entirety to ensure Sloan had received a disclosure statement, proof of service to interested parties (annuity issuer and “obligor), and a list of all their children and ages. The court also assesses the documents to ensure the contract has no consumer exploitative clauses and mandatory language is used. The transaction got signed off due to the need for a life-sustaining surgery needed by Sloan’s wife as it would bring joy to the family.
Structured Settlement Buying Companies With A Foothold in the Factoring Market
Woodbridge Structured Funding will pull together all court documents overnight, give you a free quote and get the ball rolling ASAP. The company bristles with a network of attorneys specializing in the transfer of future cash flows; their large market share allows them to charge the lowest transactional fees and discount rate.
Olive Branch Funding acquires payment rights vested in annuitants hunting for a top figure in lump sum payout; they argue the motion before the judge for approval in court and pay out your lump sum payment in a hurry.
Fairfield Funding has a proven and impeccable track record as a buyer of structured settlement payments, annuities, and lottery winnings, their price offer, customer support and discount rates remain beyond reproach throughout the year.