Have a structured settlement? Receive payments from a structured settlement? About to receive a structured settlement?
This page will be a valuable resource to understand the creation and purpose of a structured settlement. Most structured settlements are paid out over time via an annuity offering future payments. If you are receiving payments from a structured settlement, you have the right to turn those future annuity payments into cash now.
You can cash in your structured settlement payments.
These payments may be scheduled for any length of time — even as long as the claimant’s lifetime — and are structured to meet the financial needs of the claimant. Payments can be in equal amounts or can vary. They may include future lump sums.
A structured settlement arrangement may be agreed to privately, as in a pre-trial settlement, or it may be required by a court order, as in a settlement or judgment involving a minor.
A structured settlement is a proven, effective solution for the needs of personal injury claimants. Claims professionals, plaintiff attorneys, judges and defense attorneys advocate the use of structured settlements because they can effectively meet a claimant’s needs for security, and provide more benefits over time than a single, lump sum settlement because of applicable tax rates.
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Assignment of Structured Settlement payment rights (Non Assignable Redirection)
The claimant and funding company enter into a sale and assignment agreement and other related documents, where in consideration for a lump sum payment, the claimant agrees to assignment their rights to receive payment under the release and settlement agreement and the annuity contract to the funding company. The funding company secures their assignment of payment rights by filing UCC1 under article 9 of the Uniform Commercial Code. The funding company also has the claimant redirect annuity payment to an address or bank account controlled by the funding company.