Matter of J.G. Wentworth Originations v. Irvin

Consumer Protection

New York Law Journal


Judge Carmen Velasquez

J.G. Wentworth moved for reargument or to amend this court's prior order. It sought to show that the actual amount of payments to be purchased from payee Irvin was $120,147.60, and not $340,240 that was found in the prior decision. It also moved for a finding the transfer of the structured settlement payments from Irvin to JG met the requirements of General Obligations Law §5-1706. The court agreed, finding that the amount to be purchased for $8,000 by JG from Irvin was $120,147.60. However, it found the proposal shocked the conscience of the court, thus upon reargument, again denied JG's motion for approval to transfer the structured settlement payments from Irvin to JG. The court noted Irvin received over $100,000 as a distributive share, but provided no accounting as to how the funds were used, nor why he now sought to transfer over $120,000 in future payments to receive only $8,000. It also discovered Irvin had an infant daughter whose interests the court must also look after in considering approval of the transfer. The court noted the "extreme financial situation" stated as the reason for Irvin seeking to transfer his structured payments, absent facts as to this situation, insufficient, denying JG's motion.

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