Block 16.7 Article 2.3 Transfers of Structured Settlement Payment Rights
When “Notice” is Considered “Given” by Law for Article 2.3 in CA Insurance Code
It’s NOT with an out of the country, private courier on the DAY OF the documents are due to an old address that is no longer in service. Your transfer will be postponed; guaranteed.
It IS with United States mail, to a current, active address, FIRST CLASS POSTAGE, NO LESS than 5 calendar days before the due date.
You must know by now there are a lot of notices sent out by mail during the transfer of structured settlement payment rights: notices to attorneys; notices to the Office of the Attorney General; notices to interested parties; notices to the person transferring their structured settlement payment rights; notices to the courts, and so on. Each notice has a time frame. Each time frame needs to be respected; each address needs to be current. We’ve seen cases postponed because of incorrect addresses.
10139.2 states, “Any notice required by this article shall be deemed to have been given if addressed to the recipient’s last known address and deposited, first class postage paid, in the United States mail not less than five calendar days prior to the date on which notice is required.”
Independent professional advisers can help alert the payee of deadlines, to assist them in adhering to time frames as well.
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