Narrative Opinion Summary
In this appellate decision, the court reviewed a trial court order denying a petition by Rapid Settlements to approve the transfer of structured settlement payment rights from an individual in exchange for a lump sum. The structured settlement originated from a 1989 personal injury case, and included an anti-assignment provision prohibiting the transfer of periodic payment rights. Rapid Settlements sought court approval for the transfer in 2005, which was opposed by Symetra, the annuity issuer. The trial court denied the petition based on the enforceability of the anti-assignment clause, a decision aligned with established legal principles. Under Section 626.99296 of the Florida Statutes, such transfers require judicial approval, particularly when they contradict the terms of the settlement. The court relied on Florida's Structured Settlement Protection Act, empowering it to prevent transfers that violate contractual provisions. The appellate court affirmed the lower court's decision, maintaining the integrity of the original structured settlement agreement and rejecting all other issues raised in the appeal.
Legal Issues Addressed
Court Approval for Transfer of Structured Settlement Rightssubscribe to see similar legal issues
Application: Under Florida law, the transfer of structured settlement payment rights requires court approval, which can be denied if it contravenes any terms of the original settlement agreement.
Reasoning: Under Florida law (Section 626.99296, Fla. Stat. 2005), any transfer of structured settlement payment rights requires court approval, particularly if it contravenes the terms of the settlement.
Enforceability of Anti-Assignment Provisions in Structured Settlementssubscribe to see similar legal issues
Application: The court upheld the enforceability of an anti-assignment provision in a structured settlement agreement, preventing the transfer of payment rights.
Reasoning: The court affirmed the denial based on the enforceability of an anti-assignment provision in the structured settlement agreement.
Role of Florida's Structured Settlement Protection Actsubscribe to see similar legal issues
Application: The court utilized the authority provided by Florida's Structured Settlement Protection Act to deny the transfer of structured settlement payment rights when it violated the settlement agreement.
Reasoning: The trial court found that the proposed transfer violated the structured settlement agreement, and under Florida's Structured Settlement Protection Act, had the authority to deny it.