The invention of personal and service robotics a few years ago brought a new kid on the block in products liability. With the proliferation of machines, courts apportion responsibility among robot makers, software developers, proprietors, and users. As a new frontier of tort law, robotics negligence has seen liability attributed to manufacturers and owners. Robotics manufacturers may be exposed to product liability due to negligent design and failure to sufficiently warn of potential dangers. Personal injury resulting from robotic malfunction should be linked to manufacturer’s negligence to access a defendant with deeper pockets. Nevertheless, some states like Michigan have a cap on what you can recover due to pain and suffer at less than a million bucks while compensation falls under structured settlements.
Dominic Jordan sued the manufacturer of a robot for the wrongful death of his wife who got trapped in a dangerous area in a steel manufacturing facility. The robot shut the emergency door and the molding machine which was up and running exposing her to extreme temperatures. Jordan won the lawsuit and recovered damages for loss of consortium in a settlement entitling him to a future income stream with monthly payments and lump sum annuities. In early 2016, he ran out of cash and sought to convert his illiquid structured settlement payments into quick, easy money. However, he was domiciled in Louisiana by then and had to follow a stringent process, and this was not going to be cash out for lottery winnings.
Sell Structured Settlement in Louisiana
Jordan expected a seamless process in the transaction as Louisiana has cut the red tape for factoring deals. The state limits the discretion of judges in disapproving the sale of structured settlement payments. The state also provided safeguards for Jordan by imposing certain obligations on the buyer of his structured settlement. Although the law is not as explicit as in other states, court approval remains mandatory.
Jordan’s Day in Court for Approval of His Structured Settlement
A Louisiana court assesses the nature and scope of a structured settlement payments sale to place the two parties on an equal footing. The court reviewed the bundle of documents accompanying the petition for approval and made findings Jordan had secured a fair and reasonable deal. The court allowed the sale as Jordan’s wife had died leaving him to support their three teenage daughters on his own. He had no previous petitions seeking the transfer of his future income stream.
What is Quotient and Annual Interest Rate in the Transfer Agreement?
Jordan spotted the discount rate, lump sum payment, quotient and annual interest rate written in bold in the contract. The net lump sum value and the discount rate could be clearly spotted; the other two left him head-scratching. The quotient percentage is calculated by dividing the lump-sum total by their discounted present value. The net amount Jordan was entitled to in return for his future structured settlement income represents the percentage of the approximate present value of the payments. Based on the total lump-sum payable to Jordan and the value and timeframe of the structured settlement payments he was trading in, an annual interest rate was levied.
The Aftermath of His Structured Settlement Payments Transfer
Jordan was able to keep his head above the waters with the quick, easy cash and bought a gas station to boost his earnings. When asked whether he has any regrets creaming off a slice of his future income to the structured settlement company, Jordan expresses no disillusionment as he now knows better to make hay while the sun shines.
Cream of the Crop Structured Settlement Funding Companies
Woodbridge Structured Funding helps consumers to access immediate lump-sum awards in millions by fast-tracking their court petitions, filing relevant documentation for review before the judge and devolving cash as given in the price offer.
Stone Street Capital Company will be your best buyer if you want a painless transaction, deep discount and interest rates, drafts a clear-cut agreement and conveys all material disclosures to the payee in 24 hours after conveying quote.
Peachtree Financial Solutions can propel your structured settlement transfer deal to the front burner, expedite court hearing, abide by all consumer protection laws and reflect your needs in fashioning a financial package for your income streams.