Case Number: ES021008??? Hearing Date: November 18, 2016??? Dept: A
BLT Sand, LLC v Imbimbo
PETITION FOR APPROVAL OF TRANSFER OF PAYMENT RIGHTS UNDER A STRUCTURED SETTLEMENT
Calendar: 26
Case No: ES021008
Date: 11/18/16
MP: Petitioner, BLT Sand, LLC
RP: None
RELIEF REQUESTED:
Order approving transfer of structured settlement payments from Daniel Imbimbo to BLT Sand, LLC
DISCUSSION:
This Petition was filed by BLT Sand, LLC in order to obtain approval of a transfer of Daniel Imbimbo?s rights to obtain payments under a structured settlement. Mr. Imbimbo received these rights under a settlement agreement in 2000 that resolved a personal injury claim.
This hearing concerns the request of BLT Sand, LLC for approval of Daniel Imbimbo?s transfer of a right to future payments totaling $732,100.00. The net present value of the right to the future payments is $616,653.96. Mr. Imbimbo will receive a payment of $301,125.11 in exchange for transferring his right to the future payments.
A review of the papers reveals that the petition and notice of this hearing was served on Mr. Imbimbo.
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) Daniel Imbimbo believes it is in his best interest to enter into this transaction because he intends to use the money to purchase and furnish a house (see decl. in supplemental to notice of hearing filed on October 24, 2016). Mr. Imbimbo has no dependents and does not have any court-ordered child support payments (October 24, 2016 supplement, Imbimbo decl., paragraphs 4 and 5);
2) Daniel Imbimbo has been advised in writing to seek independent professional advice (October 24, 2016 supplement, Imbimbo decl., paragraph 10);
3) the Petitioner provided a disclosure form that complies with Insurance Code section 10136 (exhibit 4 to Notice of Hearing on Petition) and a transfer agreement that complies with Insurance Code sections 10136 and 10138 (exhibit 2 to Notice of Hearing on Amended Petition);
4) the transfer will not contravene any applicable statute or known order of a Court or other government authority; and
5) Daniel Imbimbo understands the terms of the transfer agreement (October 24, 2016 supplement, Imbimbo decl., paragraph 12).
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 Daniel Imbimbo has been advised of his rights, that he understands the terms of the transfer agreement, and that he believes it is in his best interests, the Court will grant the Petition and approve the transfer of the right to future payments of Daniel Imbimbo to the Petitioner.
RULING:
Grant petition and approve the transfer.
Appearance of both parties is required.