Landowners in Virginia do not incur liability for personal injuries or property damage resulting from trees deemed imminently dangerous. However, common law tort principles impose liability for reasonably foreseeable harm caused by trees to claimants in the adjoining premises. A duty of care arises under the traditional common law tort principles. An adjacent landowner can institute a nuisance lawsuit if personal injury or property damage is inflicted by roots or branches sticking out from neighboring property. The narrow duty requires owners to shield against actual or imminent damage to premises or persons by intruding roots and branches. Tort victims who sustain injuries due to a nuisance from the neighborhood can receive compensation by alleging negligence. By the same breath, landowners who maintain a dangerous thing that escapes to adjoining property causing damage bear strict liability.
Carlos Ripley got struck by a humongous branch that snapped off a gum tree sustaining permanent disability. The defendant, a timber company, had flouted city planning regulations and had recently been ordered via a court order to cut down trees posing a threat to Ripley’s property. Ripley’s attorney negotiated an out of court settlement after the suit got forwarded to a jury. An upfront lump sum annuity footed his medical bills while he got a rich seam of cash under a structured settlement. Although his structured settlement catered for his needs back then, the income stream preyed on his mind as he could not receive all payments as a substantial lump sum. With the media awash with ads from the structured settlement, annuity or lottery awards buyers, Carlos decided to make a pitch in this market.
Structured Settlement Protection Act Virginia
Carlos picked out a structured settlement re-purchaser in a trice online. He agreed to a whopping great free quote and later endorsed the price offer. Structured settlement funding companies have to adhere to the regulatory framework governing factoring transactions in Virginia. Accordingly, the buyer of his annuities had to toe the line and send to him relevant documents, including a disclosure statement, an admonishment to professional advice and terms of the transfer agreement. Carlos’ sharp eye for details ensured he knew the total value of all payments traded in, discount rate and lump sum payment after all deductions.
Procedure for Approval of His Transfer in Virginia
The structured settlement financing company filed an application seeking approval of the transfer of vested payment rights under the structured settlement in the circuit court of his city where he resided in the Commonwealth. The circuit court has broad discretionary powers to forward the petition to a commissioner of accounts who in turn files a report and recommendation on the transaction. The buyer of annuities also served interested parties with the relevant documents 20 days before the court hearing. Carlos got a timely tribunal hearing in line with the statute as the judge made findings the transfer satisfied the “best interests” test. Carlos had also received independent professional advice from an attorney not associated with the structured settlement buying company.
Why Do Life-Contingent Annuities Yield A Lower Lump Sum?
Unlike a fixed annuity, Carlos’ life contingent structured settlement annuities pose more risks to investors in the secondary market as they cease once he dies. However, purchasing companies still allow annuitants like him to trade in such income streams. Before he could sell, the structured settlement buyer had to establish and meet the requirements set by the annuity issuer to keep them updated on his survival and convey a written notice of Carlos death. Structured settlement purchasers enter a life insurance policy to minimize risks making the transaction more expensive than that of a fixed annuity.
Prime Structured Settlement Funding Companies
Stone Street Capital allows you to cash out your structured settlement payments at a competitive offer and adheres to state and federal laws to ensure you get a just and sound bargain. They file an application in a court of competent jurisdiction where a judge reviews your transaction to shield your interests.
Fairfield Funding has a vast constellation of attorneys who draft a transfer agreement and handles all court filing procedures on your behalf to help you get your cash as soon as possible. The company evaluates your annuity agreement, and underlying suit to determine eligibility before the judge, engages interested parties, and disburses your lump sum briefly.
Peachtree Financial Solutions has an up and running platform to trade in your structured settlements, annuities and lottery winnings at consumer-friendly discount rates. As a renowned buyer of structured settlement annuities, Peachtree helps you traverse the court process painlessly.