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Matter of Emerald Funding Corp. (Julius J. Brown)

Court refuses to approve transfer prohibited by structured settlement agreement.

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Justice Siracuse

MATTER OF EMERALD FUNDING CORP.(JULIUS J. BROWN) — To the best of this court’s knowledge this is a case of first impression in New York. It deals with the effect of the new Structured Settlement Protection Act, General Obligations Law §5–1701 et seq., enacted as L. 2002, ch. 537 and effective July 1, 2002. This law sets out requirements for the transfer of structured settlements and gives courts the power to approve or disapprove such transfers. A number of disclosures are required of the firm seeking to buy the settlement or the right to receive payments, and the court must also consider if the transfer is in the best interests of the seller. A case decided this past month by Justice James Canfield, Matter of Settlement Funding of New York and Neal Cunningham (New York Law Journal, June 3, 2003), has held that this requires courts to act as “active gatekeepers,” not merely approving settlements simply because all the disclosure requirements have been met.

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