Block 17.1 Article 2.3 Transfers of Structured Settlement Payment Rights
Forget About Signing Any Waiver for Your Transfer of Payment Rights: This Contract You Don’t Control
10139.3(a) None of the provisions of this article may be waived by the payee.
Do you notice how 10139(a) states “this article”? That means this entire code, not just the transfer agreement, or just the disclosure statement within the code, but the entire code itself, CA Insurance Code 10134-10139.5 cannot be waived by the payee.
The person selling the structured settlement payment rights, cannot deliberately abandon any terms of the law; in writing or otherwise. The law is the law. And if anyone was wondering if you could take the law into your own hands, as long is it was in writing; well, you cannot.
“Waiver” clauses, or “non-waiver” clauses are mentioned in other places in Article 2.3, Transfers of Structured Settlement Payment Rights, like in Section 10138 (12)(b), but that is regarding the disclosure statement and the transfer agreement and any other “contract” that is established within the code.
What differentiates this waiver clause is that it applies to the entire Article 2.3, Transfers of Structured Settlement Payment Rights, and carries a broader impact upon the payee.
Talk to your independent professional adviser for further information on what you are getting yourself into before moving forward with a transfer.
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