Pit bulls are reported to have bitten and killed a vast majority of Ohioans compared to all other dog breeds. Homeowners or land proprietors can bear liability for injuries inflicted on tort victims by a dangerous animal within their dominion. For extremely dangerous animals with a tendency to attack humans, owners need to adopt more safeguards to prevent attacks. Pit bull dogs have for long been known to have dreadful aggression and greater inclination to bite people than other species. Accordingly, anyone who chooses to rear pit bull dogs should are aware of their danger. In some cases where pit bulls have killed their victims with their crushing bite, owners may end in jail for third degree for using the animal as a “weapon”. When bitten, victims can institute a tort lawsuit against the negligent dog owner for compensation.
Morgan Campbell got bitten by an American Pit Bull Terrier sustaining grave injuries and trauma and was saved by surgery. Due to the brutal injuries, he struggled to regain his cognitive abilities, had trouble standing upright and lost his right ear. On August 14th, 2007, the Cleveland, circuit court approved a settlement of personal injury where Campbell would receive periodic payments as a future income stream and lump-sum annuities payable within six years. Eking out a living from the structured settlement monthly payments and annuities, Campbell was at the bottom of the economic heap. Living with his aging grandfather, he needed more cash to discharge the mortgage and avoid a foreclosure. He decided to exchange a segment of the structured settlement payments into immediate, fast cash. However, it is not like the trade off for lottery winnings, Ohio has a legal framework for factoring deals.
Ohio Structured Settlement Transfer Act/Transfer Act
Ohio’s laws on selling structured settlement require the payee to be the recipient of a tort claim. A worker’s compensation may not be transferred. Campbell could transfer his funds without any legal restrictions but within the purview of the Act.
Requirements Set Before Seeking Court Approval
Ohio laws regulating the sale of the structured settlement require court approval. The structured settlement buying company served a disclosure statement to Campbell. He acknowledged the receipt of the disclosure statement by signing before a notary public as obligated by the law. The disclosure should also show the net value of future periodic payments, discounted lump sum and all fees and expenses incurred by the payee.
Court Review to Ensure Transaction is in the Best Interests of the Payee and Dependents
The court examined evidence and oral testimony to ensure the deal was fair, just and reasonable. The court assessed the discount rate, fees and charges of the transaction, and the need to access immediate cash at a discounted rate. Campbell got $150,000 at a low level of 20%. His transaction was not only fair, just and reasonable but impressive. The judge inquired about the plans which he had with the proceeds of the sale, including paying off skyrocketing expenses as his credit card had expired, alternative sources of income and previous factoring transactions. The judge approved the sale and gave a qualifying order.
The Bottom Line of Selling His Structured Settlement Payments
Campbell obtained a lump-sum within 48 hours after the qualifying order came from the court. He used a substantial percentage to pay off debts and pre-pay household expenses. In spite of selling a portion of his structured settlement payments, he did not plunge into financial difficulties. He continues to receive his monthly payments and lump sum annuities. He also repaid loans and put a down payment on their home where they dwell.
Top Three Structured Settlement Companies
Peachtree Financial Solutions will process your transaction and determine the chances of success in court, file an application before the judge in your country of residence, and discount your future structured settlement payments for the highest price offer.
Olive Branch Funding will be your representative in court, before interested parties and render tailored financial solutions attuned to your financial needs. The company has a well-trained and honed team of attorneys to curb legal hurdles.
Stone Street Capital is the most-favored company to entrust as your buyer due to their rapid processing, low transactional costs, alluring and low discount rates as well as industry-specific expertise.