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Business Law Question!! PP- U LLAD (200). In 2006, Marshall Johnson, then a minor, was injured in a car accident. In 2008, the tortfea- sor's
Business Law Question!!
PP- U LLAD (200). In 2006, Marshall Johnson, then a minor, was injured in a car accident. In 2008, the tortfea- sor's insurer, State Farm, and Johnson's guard- ian settled a personal injury claim on Johnson's behalf through a structured settlement agreement (SSA). The SSA contained an antiassignment clause that prevented Johnson, but not State Farm, from assigning the right to receive payments from the SSA. State Farm went on to assign its rights t MetLife. In 2013, 23-year-old Johnson was short on cash. He contacted J. G. Wentworth, a factoring company, about selling his $29,000 annuity (which was to be doled out in smaller pay- ments until 2020) for $17,250 cash. Wentworth filed a petition to obtain approval to have the SSA rights transferred to Wentworth. MetLife filed objections, citing the antiassignment clause. A hearing on the petition was held and the trial court allowed the transfer due to Johnson's need for the funds. MetLife appealed the trial court's decision. How do you think the appellate court ruled? Does MetLife have a say in the matter? [Johnson v. J.G. Wentworth Originations, LLC, Case No. A156843, -P.3d-, 2017 WL 767659, 2017 Ore. App. Lexis 280 (Or. Ct. App. Mar. 1, 2017).] PP- U LLAD (200). In 2006, Marshall Johnson, then a minor, was injured in a car accident. In 2008, the tortfea- sor's insurer, State Farm, and Johnson's guard- ian settled a personal injury claim on Johnson's behalf through a structured settlement agreement (SSA). The SSA contained an antiassignment clause that prevented Johnson, but not State Farm, from assigning the right to receive payments from the SSA. State Farm went on to assign its rights t MetLife. In 2013, 23-year-old Johnson was short on cash. He contacted J. G. Wentworth, a factoring company, about selling his $29,000 annuity (which was to be doled out in smaller pay- ments until 2020) for $17,250 cash. Wentworth filed a petition to obtain approval to have the SSA rights transferred to Wentworth. MetLife filed objections, citing the antiassignment clause. A hearing on the petition was held and the trial court allowed the transfer due to Johnson's need for the funds. MetLife appealed the trial court's decision. How do you think the appellate court ruled? Does MetLife have a say in the matter? [Johnson v. J.G. Wentworth Originations, LLC, Case No. A156843, -P.3d-, 2017 WL 767659, 2017 Ore. App. Lexis 280 (Or. Ct. App. Mar. 1, 2017).] Step by Step Solution
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