Product liability ascribable to the manufacturer exists where the item complained of is defective or unreasonably dangerous. However, design defect defers from a manufacturer’s defect. A design defect arises where a manufacturer generates similar products characterized by a defective and unreasonably dangerous design feature. A bulk of design defect lawsuits depend heavily on negligence but may also be predicated on strict liability. A personal injury claimant would have to show that the defendant adopted a design posing an unreasonable risk to users. If the product hits the market with a defective design, including a warning does not shelter the manufacturer from the doctrine of strict liability. When seeking compensation from manufacturers for defective design, a claimant must remember strict liability does not make them insurers. However, it helps disperse the risks and cost of harm to wealthy corporations rather than retailers or consumers.
Oren Gibson sued got injured in his left eye later suffering permanent loss of vision when the timber machine manufactured by the defendants disgorged an errant fragment of wood. The lawsuit hinged on strict liability and design defect had chances of success at trial after being forwarded to the jury. The manufacturer smelt a rat of mass torts and sought an out of court settlement. Oren received a structured settlement fiscal scheme carving out an income stream payable in future. An upfront lump sum annuity covered his medical expenses while he would get monthly installments guaranteed for thirty years. Oren could not access the whole package all at once, but like lottery award winners with future cash flows, he could trade in a fraction of his structured settlement for a sizable amount of money.
Sell Structured Settlement-Maryland’s New Regulatory Framework More Stringent
Maryland’s Revised Requirements for Factoring Transaction –Rules of Practice and Procedure, Title 15 (Other Proceedings)
The structured settlement funding company lodged a petition in the circuit where he resided. The application encompassed a copy of the annuity contract filed under seal, transfer agreement, disclosure statement, Oren’s written consent and an affidavit of the attorney who rendered professional advice. The petition disclosed the names and addresses of all interested parties. The petition also requires disclosure of previous transfers if any made by Oren seeking to transfer payment rights.
Court Hearing-Oren’s Day In Court
Oren appeared in court forty days after the filing of the petition. The judge examined him on the critical figures of the transaction such as discount and annual interest rate, discounted present value, and lump sum payment he would get. He was also grilled on employment and sources of income, dependents, the opinion of his professional advisor and the underlying settlement. Marylanders selling their payment rights to structured settlement factoring funding companies must appear in court unless excused by the judge for a good cause.
Going Beyond the “Best Interests” Inquiry Threshold
Apart from finding the transaction served the best interests of Oren, the new procedural rules governing the proceedings of a factoring hearing require the court to weigh evidence on a balance of probabilities. The court has wider discretionary powers, for instance, to summon a psychiatrist to examine the cognitive ability of the payee or examine the seller and other witnesses under oath. Accordingly, only those transfers where Marylanders walk away with a considerable lump sum under a low discount rate can sail through. Oren and other sellers have more safeguards in the process.
Independent Professional Advice No Longer Otiose
The independent professional advisor engaged by Marylanders has to pencil in an affidavit highlighting the correspondence with the seller. If the advisor retained by Oren had been involved in an earlier transaction, this ought to be disclosed too. The fee paid and the advisor’s probe as to Oren’s deciphering of the transaction should also feature in the affidavit.
Benefits of Selling Structured Settlement Payment Rights
By cashing in a portion or the whole of his structured settlement payments, Oren got liquidity and avoided the risks attributable to life contingent payments. Rather that stay on pins and needles, Oren decided to sell the last payments in the 30-year life-guaranteed policy. With the time value of money principle, money payable 30 years from now will have less value due to volatility and inflation.
Structured Settlement Financing Companies
SenecaOne prepares a petition, transfer agreement, disclosure statement and relevant court documents, conveys a competitive lump sum offer, low discount rates and quick transactions to Marylanders in line with procedural and substantive laws.
Olive Branch Funding ensures they file a petition in the county court of your residence and get a judge to approve the transaction by dispatching a capable network of attorneys. They stay up to date with new legal requirements to avoid dismissal in overly stringent jurisdictions such as New York.
Fairfield Funding has been a buyer of annuities, lottery winnings and structured settlements for more than ten years; the company will provide an objective assessment of your transaction and compile all paperwork for filing in court at full tilt.